铅：存旺季预期，支撑价格

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - There are expectations for the peak season of lead, which supports the price [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Prices: The closing price of the main Shanghai lead futures contract was 17,125 yuan/ton, down 0.58% from the previous day, while the closing price of the LME 3M electronic lead contract was 2,041.5 dollars/ton, up 0.15% [1] - Volumes: The trading volume of the main Shanghai lead futures contract was 40,650 lots, a decrease of 11,993 lots, and the LME lead trading volume was 5,471 lots, a decrease of 402 lots [1] - Open Interests: The open interest of the main Shanghai lead futures contract was 51,800 lots, an increase of 618 lots, and the LME lead open interest was 151,106 lots, a decrease of 738 lots [1] - Premiums and Discounts: The premium/discount of Shanghai 1 lead was -35 yuan/ton, unchanged from the previous day, and the LME CASH - 3M premium/discount was -22.14 dollars/ton, a decrease of 0.74 dollars/ton [1] - Inventory: The Shanghai lead futures inventory was 45,885 tons, an increase of 607 tons, and the LME lead inventory was 273,425 tons, an increase of 175 tons [1] - Others: The price of scrap electric vehicle batteries was 10,275 yuan/ton, unchanged; the LME lead cancelled warrants were 70,675 tons, a decrease of 1,500 tons; the comprehensive profit and loss of secondary lead was -304 yuan/ton, unchanged [1] 3.2 News - From January to May in China, the profits of industrial enterprises above designated size decreased by 1.1% year - on - year, and in May alone, they decreased by 9.1% year - on - year [1] 3.3 Trend Intensity - The trend intensity of lead is 0, indicating a neutral outlook. The range of trend intensity is from -2 (most bearish) to 2 (most bullish) [1]