铅：LME注销仓单增加，支撑价格

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core View - The increase in LME cancelled warrants supports the lead price [1] Group 3: Summary by Relevant Catalog Fundamentals Tracking - Price: The closing price of the Shanghai lead main contract was 16,875 yuan/ton, up 0.12%; the closing price of the LME lead 3M electronic disk was 1,997 US dollars/ton, up 1.09% [1] - Volume: The trading volume of the Shanghai lead main contract was 32,431 lots, a decrease of 16,214 lots; the trading volume of LME lead was 8,698 lots, an increase of 1,779 lots [1] - Open Interest: The open interest of the Shanghai lead main contract was 62,019 lots, a decrease of 3,000 lots; the open interest of LME lead was 150,329 lots, an increase of 305 lots [1] - Premium and Discount: The premium and discount of Shanghai 1 lead was -35 yuan/ton, an increase of 5 yuan/ton; the LME CASH - 3M premium and discount was -35.88 US dollars/ton, an increase of 6.04 US dollars/ton [1] - Import and Export: The import profit and loss of lead ingot spot was -657.19 yuan/ton, a decrease of 132.99 yuan/ton; the import profit and loss of Shanghai lead continuous three was -636.11 yuan/ton, a decrease of 81.68 yuan/ton [1] - Inventory: The Shanghai lead futures inventory was 58,656 tons, unchanged; the LME lead inventory was 269,400 tons, an increase of 800 tons; the LME lead cancelled warrants were 73,175 tons, an increase of 6,275 tons [1] - Recycled Lead: The price of recycled electric vehicle batteries was 10,200 yuan/ton, unchanged; the price of recycled refined lead was 16,750 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was -398 yuan/ton, an increase of 1 yuan/ton [1] News - Trump signed an executive order allowing 401K accounts to invest in cryptocurrencies, private equity funds and other alternative investments [1] - Modi responded strongly, saying that he would never compromise in the face of a 50% tariff and was ready to pay a heavy price. India has not planned to retaliate and is seizing the 21 - day window period to continue negotiations [1] Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral view [1]