铅锌日评：区间整理-20250819

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lead market has no obvious contradictions with both supply and demand increasing. Tight raw materials and peak - season expectations support lead prices. Short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment in China is unstable. The supply of zinc ore and ingots is increasing, while demand is in the off - season with inventory accumulation. However, the continuous decline of overseas LME zinc inventory provides some support. Short - term zinc prices are expected to move in a range [1]. Summary by Relevant Information Lead Market - Price and Market Indicators: On August 19, 2025, the SMM1 lead ingot average price was 16,675 yuan/ton, down 0.15%; the futures main contract closing price was 16,775 yuan/ton, down 0.45%; the LME3 - month lead futures closing price (electronic) was 1,971 dollars/ton, down 0.50% [1]. - Inventory: LME lead inventory was 260,475 tons, unchanged; Shanghai lead warehouse receipt inventory was 62,225 tons, up 0.71% [1]. - Trading Volume and Position: The trading volume of the active lead futures contract was 30,595 lots, down 6.15%; the position was 49,496 lots, down 3.34% [1]. - Fundamentals: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Pre - maintenance smelters are gradually resuming production. For secondary lead, scrap lead - acid battery prices are likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost inversion. Terminal demand has not improved significantly [1]. - Industry News: An East - China large secondary lead smelter plans to stop production for 1 month, expected to affect August secondary refined lead output. Dongying Xinsanyuan's 200,000 - ton lead - acid battery environmental utilization project has determined the winning bidder [1]. Zinc Market - Price and Market Indicators: On August 19, 2025, the SMM1 zinc ingot average price was 22,230 yuan/ton, down 0.67%; the futures main contract closing price was 22,340 yuan/ton, down 0.73%; the LME3 - month zinc futures closing price (electronic) was 2,777 dollars/ton, down 0.70% [1]. - Inventory: LME zinc inventory was 75,850 tons, unchanged; Shanghai zinc warehouse receipt inventory was 32,538 tons, up 62.53% [1]. - Trading Volume and Position: The trading volume of the active zinc futures contract was 80,217 lots, down 3.61%; the position was 69,630 lots, down 8.80% [1]. - Fundamentals: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. In August, zinc concentrate processing fees are expected to continue rising. Downstream demand is mainly consuming existing inventories, but some terminal demand has increased due to concerns about zinc price increases [1]. - Industry News: Indian Zinc (HZL) plans to build a zinc tailings re - processing plant in Rajasthan and expand its metal (zinc + lead) production capacity [1].