供需矛盾僵持，铅价震荡为主

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The macro risk appetite is volatile, providing limited and continuous support for lead prices. The fundamentals show a situation of weak supply and demand. The supply pressure is expected to ease as more primary lead smelters are under maintenance and secondary lead smelters are operating at a low level due to significant losses. However, consumption has not been significantly boosted, and battery exports face negative impacts. The supply - demand contradiction is deadlocked, with low capital participation. It is expected that lead prices will remain range - bound and face resistance at integer levels [4][8] Group 3: Summary by Related Catalogs Transaction Data - From August 22nd to August 29th, the SHFE lead price rose from 16,780 yuan/ton to 16,880 yuan/ton, an increase of 100 yuan/ton; the LME lead price rose from 1,992 dollars/ton to 1,997 dollars/ton, an increase of 5 dollars/ton. The SHFE - LME ratio increased from 8.42 to 8.45. The SHFE inventory increased by 982 tons to 64,672 tons, the LME inventory decreased by 12,000 tons to 261,050 tons, and the social inventory increased by 0.35 million tons to 3.94 million tons. The spot premium increased by 5 yuan/ton to - 150 yuan/ton [5] Market Review - Last week, the price of the main SHFE lead contract PB2509 rose first and then fell, closing at 16,880 yuan/ton, a weekly increase of 0.6%. The LME lead price first rose and then fell, closing at 1,997 dollars/ton, a weekly increase of 0.25%. In the spot market, downstream enterprises continued to wait and see, with low inquiry enthusiasm. The trading in the spot market was dull [6] Industry News - In September, the average domestic lead concentrate processing fee was 450 yuan/metal ton, a month - on - month decrease of 50 yuan/metal ton; the average imported lead concentrate processing fee was 90 dollars/dry ton, a month - on - month decrease of 30 dollars/dry ton. From January to June 2025, the global lead market had a surplus of 21,000 tons, compared with a surplus of 66,000 tons in the same period last year. The US Geological Survey proposed to include lead in the draft list of critical minerals. A large secondary lead smelter in East China suspended production at the beginning of September, with an impact volume of about 8,500 tons [9] Related Charts - The report provides multiple charts, including SHFE and LME lead prices, SHFE - LME ratio, SHFE and LME inventories, 1 lead premium, LME lead premium, primary and secondary lead price difference, waste battery price, secondary lead enterprise profit, lead ore processing fee, electrolytic lead production, secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][12][18]