铅：冶炼减产，支撑价格

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Lead smelting production cuts support prices [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of the Shanghai lead main contract was 16,885 yuan/ton, up 0.24%, and the closing price of the LME lead 3M electronic disk was 2,003.5 dollars/ton, down 0.17% [1] - Volume: The trading volume of the Shanghai lead main contract was 35,623 lots, an increase of 4,615 lots, and the trading volume of the LME lead was 5,355 lots, a decrease of 456 lots [1] - Open Interest: The open interest of the Shanghai lead main contract was 54,395 lots, a decrease of 4,728 lots, and the open interest of the LME lead was 151,551 lots, an increase of 354 lots [1] - Premium and Discount: The premium and discount of Shanghai 1 lead was -35 yuan/ton, unchanged; the LME CASH - 3M premium and discount was -31.29 dollars/ton, an increase of 2.23 dollars/ton [1] - Import and Export Profit and Loss: The spot import profit and loss of lead ingots was -658.71 yuan/ton, a decrease of 14.07 yuan/ton; the import profit and loss of Shanghai lead continuous three was -642.44 yuan/ton, a decrease of 18.86 yuan/ton [1] - Inventory: The Shanghai lead futures inventory was 58,683 tons, an increase of 201 tons; the LME lead inventory was 265,800 tons, a decrease of 2,575 tons [1] - Recycled Lead: The price of waste electric vehicle batteries was 10,175 yuan/ton, unchanged; the price of recycled refined lead was 16,750 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was -378 yuan/ton, a decrease of 1 yuan/ton [1] 3.2 News - Investors are waiting for the US July CPI data on Tuesday to find clues on whether the Fed can restart interest rate cuts in September [1] - The Chinese Ministry of Foreign Affairs responded to reports that China hopes the US will relax export controls on high - bandwidth memory chips, stating that China opposes politicizing, instrumentalizing, and weaponizing science, technology, and economic and trade issues [1] 3.3 Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral view, with the value ranging from -2 (most bearish) to 2 (most bullish) [1]