新能源及有色金属日报：现货成交稍有好转，但铅价依然震荡偏弱-20250606

Report Summary 1. Report Industry Investment Rating - Absolute price: Cautiously bearish [3] - Option strategy: Sell calls [3] 2. Core View of the Report - The lead market is in the off - season of demand, with no obvious signs of recovery in downstream demand after the holiday and a strong wait - and - see attitude. Therefore, the current operation should focus on selling hedges on rallies [3]. 3. Summary by Relevant Catalogs Market News and Important Data - Spot Market: On June 5, 2025, the LME lead spot premium was -$21.98/ton. The SMM1 lead ingot spot price increased by 75 yuan/ton to 16,500 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium remained unchanged at -15.00 yuan/ton, while the SMM Guangdong and Henan lead spot prices increased by 75 yuan/ton to 16,525 yuan/ton, and the SMM Tianjin lead spot premium increased by 50 yuan/ton to 16,575 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,125 yuan/ton, the price of waste white shells increased by 25 yuan/ton to 10,025 yuan/ton, and the price of waste black shells remained unchanged at 10,325 yuan/ton [1]. - Futures Market: On June 5, 2025, the main contract of Shanghai lead opened at 16,680 yuan/ton, closed at 16,695 yuan/ton, up 25 yuan/ton from the previous trading day. The trading volume was 30,915 lots, a decrease of 4,095 lots from the previous trading day, and the position was 50,484 lots, a decrease of 2,012 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 16,765 yuan/ton and the lowest point reaching 16,645 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,720 yuan/ton, closed at 16,650 yuan/ton, down 0.36% from the afternoon close [1]. - Inventory: On June 5, 2025, the total SMM lead ingot inventory was 54,000 tons, an increase of 4,000 tons from last week. As of June 5, the LME lead inventory was 282,650 tons, an increase of 1,100 tons from the previous trading day [2]. Strategy - Absolute Price: Due to the off - season of lead demand and no obvious improvement in downstream demand after the holiday, the operation strategy is to sell hedges on rallies [3]. - Option Strategy: Sell call options [3]