市场成交相对清淡，铅价偏弱震荡

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core View of the Report - The lead market shows relatively light trading and the lead price is oscillating weakly. The lead market is in a pattern of weak supply and demand, and the lead price is expected to remain in an oscillating range of 16,300 yuan/ton to 17,150 yuan/ton [1][3] Summary According to Relevant Catalogs Market News and Important Data - Spot Market: On August 14, 2025, the LME lead spot premium was -$42.01/ton. The SMM1 lead ingot spot price decreased by 50 yuan/ton to 16,700 yuan/ton compared to the previous trading day. The spot premiums and discounts in different regions also changed. The lead refined scrap price difference remained unchanged at 25 yuan/ton, and the prices of waste batteries remained stable [1] - Futures Market: On August 14, 2025, the opening price of the Shanghai lead main contract was 16,880 yuan/ton, and the closing price was 16,770 yuan/ton, a decrease of 160 yuan/ton compared to the previous trading day. The trading volume was 45,616 lots, an increase of 16,679 lots compared to the previous trading day, and the position was 51,370 lots, an increase of 1,946 lots compared to the previous trading day. The night - session closing price decreased by 0.06% compared to the afternoon closing price [1] - Inventory: On August 14, 2025, the SMM lead ingot inventory was 72,000 tons, an increase of 1,700 tons compared to the previous week. As of August 14, the LME lead inventory was 261,675 tons, a decrease of 550 tons compared to the previous trading day [2] Strategy - The lead price may remain in an oscillating pattern, and the recommended option strategy is to sell wide straddles [3]