Report Industry Investment Rating - No relevant content provided Core Viewpoints - For lead, due to no expected increase in lead concentrate imports, processing fees are likely to rise. Primary lead production is stable with a slight increase, while secondary lead production is at a relatively low level due to raw material shortages and high costs. As the demand gradually shifts from the off - season to the peak season, the drag on lead prices may ease. Overall, raw material shortages and peak - season expectations support lead prices, but high prices may limit the upside [1]. - For zinc, zinc smelters have sufficient raw material inventories, and zinc concentrate processing fees are rising. The tight supply of zinc concentrate is expected to improve, and smelter production and profits are improving. However, high zinc prices and weak downstream demand lead to limited upside for zinc prices, and attention should be paid to short - selling opportunities after the positive factors fade [1]. Summary by Related Catalogs Price and Market Data - Lead: On July 11, 2025, the average price of SMM1 lead ingots was 17,000 yuan/ton (unchanged from the previous day), the closing price of the Shanghai lead futures main contract was 17,230 yuan/ton (up 0.32% from the previous day), the basis was - 230 yuan/ton, and the trading volume of the active futures contract decreased by 6.39% to 30,897 lots, while the open interest increased by 0.52% to 52,534 lots [1]. - Zinc: On July 11, 2025, the average price of SMM1 zinc ingots was 22,330 yuan/ton (up 1.09% from the previous day), the closing price of the Shanghai zinc futures main contract was 22,385 yuan/ton (up 1.20% from the previous day), the basis was - 55 yuan/ton, and the trading volume of the active futures contract decreased by 5.21% to 146,456 lots, while the open interest decreased by 1.85% to 112,634 lots [1]. Industry News - Lead: An East - China secondary lead smelter is expected to increase production by about 3,500 tons compared to last month. A Central - China primary lead smelter resumed normal production after a weekend equipment failure. As of July 10, the total inventory of SMM lead ingots in five regions was 61,100 tons, an increase of 4,200 tons from July 3 and 3,200 tons from July 7 [1]. - Zinc: A North - China zinc mine plans to conduct a 10 - day maintenance in August, affecting nearly 1,000 metal tons of zinc concentrate. The recent tender result of a North - China zinc mine was 5,450 yuan/ton (including 20 - 80 sharing). As of July 10, the total inventory of SMM zinc ingots in seven regions was 90,300 tons, an increase of 7,200 tons from July 3 and 1,200 tons from July 7 [1]
铅锌日评：区间整理-20250711
Hong Yuan Qi Huo·2025-07-11 02:13