铅：海外库存增加，价格承压

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Overseas lead inventories are increasing, putting pressure on lead prices [1] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Price: The closing price of the main Shanghai lead futures contract was 16,900 yuan/ton, down 0.09%; the closing price of the LME 3M electronic lead futures was 2,017.5 dollars/ton, down 0.15% [1] - Volume: The trading volume of the main Shanghai lead futures contract was 47,978 lots, a decrease of 24,548 lots; the LME lead trading volume was 5,267 lots, a decrease of 88 lots [1] - Open Interest: The open interest of the main Shanghai lead futures contract was 64,534 lots, a decrease of 6,012 lots; the LME lead open interest was 142,951 lots, an increase of 1,869 lots [1] - Premium and Discount: The premium of Shanghai 1 lead was -25 yuan/ton, an increase of 25 yuan/ton; the LME CASH - 3M premium was -27.31 dollars/ton, a decrease of 3.89 dollars/ton [1] - Import and Export: The spot import profit and loss of lead ingots was -812.59 yuan/ton, an increase of 18.02 yuan/ton; the import profit and loss of Shanghai lead continuous third contract was -695.48 yuan/ton, a decrease of 5.72 yuan/ton [1] - Inventory: The Shanghai lead futures inventory was 60,932 tons, unchanged; the LME lead inventory was 270,350 tons, an increase of 6,700 tons [1] - Recycled Lead: The price of recycled electric vehicle batteries was 10,250 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was -502 yuan/ton, unchanged [1] 2. News - China and the US will continue to extend the 24% part of the suspended reciprocal tariffs and China's counter - measures for 90 days India is delaying new trade concessions and aiming to finalize an agreement by September or October [2] - In June, the number of job openings in the US was 7.437 million, falling short of expectations, and recruitment slowed The US merchandise trade deficit narrowed more than expected, and Wall Street raised its Q2 GDP forecast The US important housing price index fell for three consecutive months, the largest decline since 2022 [2] - The lead trend strength is 0, indicating a neutral view [2]