铅：库存减少，支撑价格

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The reduction in lead inventory supports lead prices [1]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Price and Volume Data: The closing price of the Shanghai lead main contract was 16,725 yuan/ton, down 0.59%; the closing price of the LME lead 3M electronic disk was 1,974 dollars/ton, down 0.33%. The trading volume of the Shanghai lead main contract was 38,671 lots, an increase of 11,416 lots; the trading volume of LME lead was 6,123 lots, an increase of 82 lots [1]. - Inventory Data: Shanghai lead futures inventory was 60,903 tons, a decrease of 450 tons; LME lead inventory was 281,100 tons, a decrease of 1,850 tons. The LME lead cancelled warrants were 49,250 tons, a decrease of 5,000 tons [1]. - Other Data: The premium of Shanghai 1 lead was -15 yuan/ton, an increase of 10 yuan/ton; the LME CASH - 3M premium was -41.8 dollars/ton, an increase of 2.2 dollars/ton. The spot import profit and loss of lead ingots was -495.72 yuan/ton, a decrease of 4.42 yuan/ton; the import profit and loss of Shanghai lead continuous three was -541.96 yuan/ton, an increase of 7.41 yuan/ton [1]. [News] - The Fed meeting minutes were hawkish, the yield of the two - year US Treasury bond erased its decline. The US dollar index hit a one - week high and then turned down, and the decline widened after Trump called on Fed Governor Cook to resign [2]. - China's August LPR quotes remained unchanged: the 5 - year LPR was 3.5%, and the 1 - year LPR was 3% [2]. - The lead trend strength was 0, indicating a neutral trend [2].