新能源及有色金属日报：市场成交仍偏清淡，但铅价受板块效应同样震荡走强-20250722

Market News and Key Data - On July 21, 2025, the LME lead spot premium was -$24.20 per ton. The SMM1 lead ingot spot price changed by 100 yuan/ton to 16,800 yuan/ton, with different changes in various regions [1]. - On July 21, 2025, the SHFE lead main contract opened at 16,850 yuan/ton, closed at 16,960 yuan/ton, with a change of 140 yuan/ton from the previous trading day. The trading volume was 44,659 lots, and the open interest was 44,870 lots [1]. - The SMM1 lead price dropped by 50 yuan/ton from the previous trading day. The spot market was generally weak as downstream buyers maintained rigid demand and had poor enthusiasm for stocking up [2]. - On July 21, 2025, the SMM lead ingot inventory was 71,000 tons, with a change of 2,300 tons from the previous week. The LME lead inventory was 264,925 tons, with a change of -2,550 tons from the previous trading day [2]. Investment Rating - The industry investment rating is Neutral [3]. Core View - The market's inquiry for mainstream lead sources is relatively active, but the secondary lead trading remains sluggish. The peak - season demand is not significantly apparent, so the lead price is expected to remain in a volatile pattern [3]. Strategy - It is recommended to sell wide - straddle options and adopt a high - selling and low - buying strategy between 16,300 yuan/ton and 17,000 yuan/ton [3][4]. Figures - The report includes 16 figures covering lead premiums, costs, inventories, and other aspects, such as SHFE lead premium, LME lead premium, and lead battery operating rate [5].