市场成交有所好转，静候需求旺季兑现

Group 1: Report Industry Investment Rating - Absolute price: Cautiously bullish [3] - Option strategy: Sell puts Group 2: Core View of the Report - After a long - term sideways pattern, the current spot trading of lead is gradually improving, and there seems to be a chance for the peak - season demand to be gradually realized [3] Group 3: Summary by Related Catalogs Market News and Important Data - Spot: On August 6, 2025, the LME lead spot premium was -$41.92/ton. The SMM1 lead ingot spot price rose by 125 yuan/ton to 16,725 yuan/ton. Different regional lead spot prices and premiums also had corresponding changes. The lead scrap price differential remained unchanged at 25 yuan/ton, and scrap battery prices were stable [1] - Futures: On August 6, 2025, the Shanghai lead main contract opened at 16,750 yuan/ton, closed at 16,855 yuan/ton, up 80 yuan/ton. The trading volume was 48,645 lots, up 8,512 lots, and the position was 65,019 lots, down 7,064 lots. The night - session closing price rose 0.18% from the afternoon closing price [1] - Inventory: On August 6, 2025, the SMM lead ingot inventory was 72,000 tons, down 110,000 tons from last week. As of August 6, the LME lead inventory was 268,600 tons, down 4,375 tons from the previous trading day [2] Strategy - Absolute price operation: Temporarily focus on buying hedging on dips, with the recommended buying range at 16,600 - 16,650 yuan/ton [3]