铅：LME库存持续减少，支撑价格

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the report. 2) Core View The continuous decrease in LME lead inventory supports the lead price [1]. 3) Summary by Related Catalogs [Fundamental Tracking] - Price: The closing price of the main Shanghai lead futures contract was 16,915 yuan/ton, up 0.18%; the closing price of the LME 3M electronic lead contract was 1,997.5 dollars/ton, down 0.30% [1]. - Volume: The trading volume of the main Shanghai lead futures contract was 29,986 lots, a decrease of 5,637 lots; the trading volume of LME lead was 4,046 lots, a decrease of 1,309 lots [1]. - Open Interest: The open interest of the main Shanghai lead futures contract was 51,223 lots, a decrease of 3,172 lots; the open interest of LME lead was 151,920 lots, an increase of 369 lots [1]. - Premium and Discount: The premium of Shanghai 1 lead was -35 yuan/ton, unchanged; the LME CASH - 3M premium was -35.5 dollars/ton, a decrease of 4.21 dollars/ton [1]. - Import and Export Profit and Loss: The spot import profit and loss of lead ingots was -641.32 yuan/ton, an increase of 86.7 yuan/ton; the import profit and loss of Shanghai lead continuous - three contract was -631.96 yuan/ton, an increase of 56.84 yuan/ton [1]. - Inventory: The inventory of Shanghai lead futures was 59,791 tons, an increase of 1,108 tons; the LME lead inventory was 262,250 tons, a decrease of 3,550 tons; the LME lead cancelled warrants were 66,025 tons, a decrease of 3,550 tons [1]. - Recycled Lead: The price of waste electric vehicle batteries was 10,200 yuan/ton, an increase of 25 yuan/ton; the price of recycled refined lead was 16,775 yuan/ton, an increase of 25 yuan/ton; the comprehensive profit and loss of recycled lead was -404 yuan/ton, a decrease of 26 yuan/ton [1]. [News] - The China - US Stockholm economic and trade talks joint statement announced that starting from August 12, 2025, the implementation of the 24% tariff will be suspended again for 90 days [1]. - The US CPI in July increased by 2.7% year - on - year, lower than expected, while the core CPI growth rate reached the highest level since February [1]. [Lead Trend Intensity] The lead trend intensity is 0, indicating a neutral view. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [1].