冶炼厂捂货挺价，铅价或暂时震荡偏强

Report Industry Investment Rating - Absolute price: Cautiously bullish [3] - Option strategy: Sell put options [3] Core View of the Report - The lead price may temporarily fluctuate strongly due to smelters holding back supply. After a long - term consolidation, the spot trading of lead is gradually improving, and there is a chance that the peak - season demand will be realized [1][3] Summary According to Relevant Content Market News and Important Data - Spot: On August 7, 2025, the LME lead spot premium was -$35.88/ton. The SMM1 lead ingot spot price rose by 25 yuan/ton to 16,750 yuan/ton. Different regional spot prices and premiums also had corresponding changes [1] - Futures: On August 7, 2025, the opening price of the SHFE lead main contract was 16,880 yuan/ton, and the closing price was 16,875 yuan/ton, up 20 yuan/ton. The trading volume was 32,431 lots, down 16,214 lots, and the position was 62,019 lots, down 3,000 lots. The night - session closing price rose 0.15% from the afternoon closing price [1] - Inventory: On August 7, 2025, the SMM lead ingot inventory was 71,000 tons, down 800 tons from last week. As of November 28, the LME lead inventory was 269,400 tons, up 800 tons from the previous trading day [2] Market Supply and Demand - Lead prices strengthened, leading to an increase in the enthusiasm of holders to sell. Some smelters held back supply and quoted firm prices, while downstream buyers were cautious and the market trading was generally light [2] Strategy - Absolute price: Temporarily use buy - hedging on dips, with the buying range recommended between 16,600 yuan/ton and 16,650 yuan/ton [3] - Option strategy: Sell put options [3]