市场呈现供需两淡格局，欠佳陷入震荡走势

Report Industry Investment Rating - The investment rating for the lead market is neutral [4] Core Viewpoints - The lead market is in a situation of weak supply and demand and is in a volatile trend. The mainstream lead sources are in relatively high demand, but the recycled lead trading is still sluggish, and the peak - season demand is not significantly evident. Therefore, it is expected that the lead price will maintain a volatile pattern [1][2][4] Summary by Related Content Spot Market - On July 23, 2025, the LME lead spot premium was -$25.40 per ton. The SMM1 lead ingot spot price remained unchanged at 16,725 yuan per ton compared to the previous trading day. The lead refined - scrap price difference remained at 0 yuan per ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1] Futures Market - On July 23, 2025, the main contract of Shanghai lead futures opened at 16,930 yuan per ton and closed at 16,850 yuan per ton, down 50 yuan per ton from the previous trading day. The trading volume was 70,210 lots, an increase of 35,228 lots, and the position was 62,272 lots, an increase of 20,641 lots. During the night session, it closed at 16,910 yuan per ton, up 0.03% from the afternoon close [2] Inventory - On July 23, 2025, the total SMM lead ingot inventory was 71,000 tons, an increase of 2,300 tons compared to the same period last week. As of July 23, the LME lead inventory was 263,150 tons, an increase of 650 tons from the previous trading day [3] Strategy - It is recommended to buy low and sell high between 16,300 yuan per ton and 17,000 yuan per ton. The option strategy is to sell a wide - straddle [4]