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铅：LME库存减少，支撑价格
Guo Tai Jun An Qi Huo·2025-08-07 02:28

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - LME lead inventory reduction supports lead prices [1] - The US ISM services PMI shows signs of weakness with high price indices, and investors are worried about stagflation risks affecting the Fed's policy path and dampening rate - cut expectations [2] 3) Summary by Related Catalogs Fundamental Tracking - Price: The closing price of the Shanghai lead main contract was 16,855 yuan/ton, up 0.48%; the LME 3M electronic lead contract closed at 1,975.5 dollars/ton, up 0.61% [1] - Volume: The trading volume of the Shanghai lead main contract was 48,645 lots, an increase of 8,512 lots; the LME lead trading volume was 6,919 lots, a decrease of 97 lots [1] - Open Interest: The open interest of the Shanghai lead main contract was 65,019 lots, a decrease of 7,064 lots; the LME lead open interest was 150,024 lots, an increase of 584 lots [1] - Premium and Discount: The premium of Shanghai 1 lead was - 40 yuan/ton, up 10 yuan/ton; the LME CASH - 3M premium was - 41.92 dollars/ton, down 3.42 dollars/ton [1] - Import and Export Profits and Losses: The spot import profit and loss of lead ingots was - 515.14 yuan/ton, a decrease of 110.13 yuan/ton; the import profit and loss of the continuous third - month Shanghai lead contract was - 544.72 yuan/ton, a decrease of 60.84 yuan/ton [1] - Inventory: The Shanghai lead futures inventory was 58,656 tons, unchanged; the LME lead inventory was 268,600 tons, a decrease of 4,375 tons; the LME lead cancelled warrants were 66,900 tons, a decrease of 4,375 tons [1] - Recycled Lead: The price of recycled refined lead was 16,750 yuan/ton, up 150 yuan/ton; the comprehensive profit and loss of recycled lead was - 399 yuan/ton, up 155 yuan/ton [1] News - Trump will decide on new Fed governors this week, can select the Fed chair through vacant governor positions, and rules out Treasury Secretary Bessent as a candidate for Fed chair [2] - The US ISM services PMI shows weakness and high price indices, causing investors to worry about stagflation risks and affecting the Fed's policy path and rate - cut expectations [2] Lead Trend Intensity The lead trend intensity is 0, indicating a neutral state [2]