新能源及有色金属日报：持货商存在挺价情绪，价格维持震荡格局-20250812

Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core Viewpoint - The lead market is currently in a pattern of weak supply and demand, and the lead price is expected to maintain a volatile range between 16,300 yuan/ton and 17,150 yuan/ton [4] Summary by Directory Market News and Key Data Spot Market - On August 11, 2025, the LME lead spot premium was -$31.29/ton. The SMM1 lead ingot spot price remained unchanged at 16,725 yuan/ton compared to the previous trading day. The lead prices in different regions showed varying changes, with the SMM Shanghai lead spot premium unchanged at -35.00 yuan/ton, the SMM Guangdong lead price unchanged at 16,800 yuan/ton, the SMM Henan lead price up 25 yuan/ton to 16,750 yuan/ton, and the SMM Tianjin lead spot premium up 50 yuan/ton to 16,775 yuan/ton. The lead refined-waste price difference remained unchanged at 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1] Futures Market - On August 11, 2025, the main contract of Shanghai lead opened at 16,850 yuan/ton and closed at 16,885 yuan/ton, up 40 yuan/ton from the previous trading day. The trading volume was 35,623 lots, up 4,615 lots from the previous trading day, and the open interest was 54,395 lots, down 4,728 lots from the previous trading day. The intraday price fluctuated, with a high of 16,950 yuan/ton and a low of 16,820 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,855 yuan/ton and closed at 16,890 yuan/ton, up 0.03% from the afternoon close [2] Inventory - On August 11, 2025, the total SMM lead ingot inventory was 70,000 tons, down 110,000 tons from the same period last week. As of August 11, the LME lead inventory was 265,800 tons, down 2,575 tons from the previous trading day [3] Strategy - The recommended option strategy is to sell a wide straddle [4]