Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The lead price may rebound in the short - term due to the continuous tight supply of waste batteries, the expanding losses of secondary lead smelters, and the high uncertainty of their production, but the effectiveness of cost support and macro - uncertainties need to be further observed [1] - The zinc market has a situation of strong supply and weak demand. Although the inventory is relatively low, the inventory has stopped falling and started to increase, and the zinc price has broken through the 22,000 yuan/ton mark. The short - selling strategy is still recommended, but the decline may slow down due to potential improvement in downstream purchases [1] Summary by Related Catalogs Lead Price and Market Data - The average price of SMM1 lead ingots was 16,525.00 yuan/ton, up 0.15% from the previous day; the closing price of the main futures contract was 16,765.00 yuan/ton, down 0.09% [1] - The LME 3 - month lead futures closing price (electronic trading) was 1,988.00 US dollars/ton, up 0.71%; the ratio of Shanghai - London lead prices was 8.43, down 0.79% [1] Supply and Demand - The production of primary lead is stable with a slight increase, while the production of secondary lead is at a relatively low level due to the rising price of waste lead - acid batteries, limited supply of recyclers, and high reluctance to sell. The demand is weak as it is in the off - season [1] Inventory - As of June 9, the total inventory of SMM lead ingots in five locations was 53,400 tons, an increase of 3,500 tons from June 3 and more than 500 tons from June 5 [1] Investment Strategy - The lead price may rebound in the short - term, but attention should be paid to cost support and macro - uncertainties [1] Zinc Price and Market Data - The average price of SMM1 zinc ingots was 22,520.00 yuan/ton, down 0.31% from the previous day; the closing price of the main futures contract was 21,910.00 yuan/ton, down 2.12% [1] - The LME 3 - month zinc futures closing price (electronic trading) was 2,654.00 US dollars/ton, down 0.32%; the ratio of Shanghai - London zinc prices was 8.26, down 1.81% [1] Supply and Demand - Zinc smelters have sufficient raw material reserves, and the zinc ore processing fee is rising. The supply is increasing, while the demand is in the off - season. Although the start - up rate of some downstream sectors has rebounded, the overall demand is still weak, and it is expected to decline this week considering environmental inspections [1] Inventory - As of June 9, the total inventory of SMM zinc ingots in seven locations was 81,700 tons, an increase of 4,300 tons from June 3 and 2,400 tons from June 5 [1] Investment Strategy - The zinc market has a situation of strong supply and weak demand. The short - selling strategy is still recommended, but the decline may slow down due to potential improvement in downstream purchases [1]
铅锌日评：沪铅下方支撑较强，沪锌偏弱整理-20250610
Hong Yuan Qi Huo·2025-06-10 06:07