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铅：库存持续减少，价格获支撑
Guo Tai Jun An Qi Huo·2025-09-04 03:14

Group 1: Report Core View - The continuous reduction in lead inventory supports the price [1] Group 2: Fundamental Tracking Price and Volume - The closing price of the main Shanghai lead futures contract was 16,865 yuan/ton, up 0.09% from the previous day; the closing price of the LME 3M electronic lead contract was 1,998.5 dollars/ton, down 0.42% [1] - The trading volume of the main Shanghai lead futures contract was 30,342 lots, a decrease of 11,881 lots; the trading volume of LME lead was 5,559 lots, an increase of 2,250 lots [1] Open Interest - The open interest of the main Shanghai lead futures contract was 50,638 lots, a decrease of 866 lots; the open interest of LME lead was 160,192 lots, an increase of 785 lots [1] Premium and Discount - The premium of Shanghai 1 lead was -50 yuan/ton, down 20 yuan; the LME CASH - 3M premium was -42.5 dollars/ton, down 0.5 dollars [1] - The PB00 - PB01 spread was -45 yuan/ton, up 5 yuan; the import premium was 110 dollars/ton, unchanged [1] Import Profit and Loss - The spot import profit and loss of lead ingots was -575.08 yuan/ton, a decrease of 57.1 yuan; the import profit and loss of Shanghai lead continuous third - month contract was -614.92 yuan/ton, a decrease of 63.5 yuan [1] Inventory - The inventory of Shanghai lead futures was 55,874 tons, a decrease of 554 tons; the LME lead inventory was 254,550 tons, a decrease of 3,475 tons [1] Recycling Market - The price of waste electric vehicle batteries was 10,075 yuan/ton, unchanged; the LME lead cancelled warrants were 59,225 tons, a decrease of 3,175 tons [1] - The price of recycled refined lead was 16,725 yuan/ton, up 25 yuan; the comprehensive profit and loss of recycled lead was -306 yuan/ton, up 25 yuan [1] Group 3: News - Weak US JOLTS job openings data strengthened the market's expectation of interest rate cuts. Fed Governor Waller said that interest rate cuts should start this month and could be cut multiple times in the next 3 - 6 months, with the pace depending on data [1] - Trump reiterated that tariffs could replace income tax, and the US was reported to use tariffs as a threat to oppose the UN shipping emissions agreement [1] Group 4: Lead Trend Intensity - The lead trend intensity was 0, indicating a neutral outlook [1]