市场成交情况无明显变化，铅价仍陷震荡格局

Group 1: Investment Rating - Absolute price: Neutral [3] - Option strategy:暂缓 (No English equivalent provided, keeping as is) [4] Group 2: Core View - The lead market shows no significant change in trading volume, and the lead price remains in a volatile pattern. The domestic ore supply is relatively tight, but the peak - season demand is not obvious, and the weak non - ferrous sector also drags down the lead price. Current operations should focus on high - selling and low - buying or waiting and seeing [1][3] Group 3: Market News and Key Data Spot - On July 15, 2025, the LME lead spot premium was -$32.78/ton. The SMM1 lead ingot spot price changed by -25 yuan/ton to 16,850 yuan/ton. SMM Shanghai lead spot premium changed by 0 yuan/ton to -30 yuan/ton, SMM Guangdong lead changed by -25 yuan/ton to 16,900 yuan/ton, SMM Henan lead changed by -25 yuan/ton to 16,850 yuan/ton, SMM Tianjin lead premium changed by -25 yuan/ton to 16,900 yuan/ton. The lead concentrate - scrap spread changed by 0 yuan/ton to -25 yuan/ton, and waste battery prices remained unchanged [1] Futures - On July 15, 2025, the Shanghai lead main contract opened at 17,060 yuan/ton, closed at 16,930 yuan/ton, a change of -155 yuan/ton. The trading volume was 33,602 lots, an increase of 2,046 lots. The position was 52,667 lots, an increase of 223 lots. The intraday price fluctuated between 17,080 yuan/ton and 16,925 yuan/ton. In the night session, it opened at 16,930 yuan/ton and closed at 16,350 yuan/ton, a 0.44% drop from the afternoon close. The SMM1 lead price dropped by 25 yuan/ton. In different regions, the quotation methods and conditions varied, and downstream buyers only made purchases based on rigid demand [2] Inventory - On July 15, 2025, the SMM lead ingot inventory was 63,000 tons, a change of 2,300 tons from last week. As of July 15, the LME lead inventory was 271,075 tons, a change of 10,125 tons from the previous trading day [2]