铅：内外库存减少，支撑价格

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the content [1] Group 2: Core Viewpoints of the Report - The reduction of internal and external lead inventories supports the price of lead [1] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - Shanghai lead main contract closing price was 16,860 yuan/ton, down 0.03%; LME lead 3M electronic trading closing price was 1,994.5 dollars/ton, down 0.20% [1] - Shanghai lead main contract trading volume was 25,910 lots, a decrease of 4,432 lots; LME lead trading volume was 3,791 lots, a decrease of 1,768 lots [1] - Shanghai lead main contract open interest was 50,042 lots, a decrease of 596 lots; LME lead open interest was 158,193 lots, a decrease of 1,999 lots [1] - Shanghai 1 lead premium/discount was -35 yuan/ton, an increase of 15; LME CASH - 3M premium/discount was -43.09 dollars/ton, a decrease of 0.59 [1] - PB00 - PB01 was -55 yuan/ton, a decrease of 10; import premium/discount was 110 dollars/ton, unchanged [1] - Lead ingot spot import profit and loss was -531.62 yuan/ton, an increase of 2.72; Shanghai lead continuous - three import profit and loss was -561.03 yuan/ton, an increase of 18.74 [1] - Shanghai lead futures inventory was 55,044 tons, a decrease of 830 tons; LME lead inventory was 251,200 tons, a decrease of 3,350 tons [1] - Scrap electric vehicle battery price was 10,075 yuan/ton, unchanged; LME lead cancelled warrants were 55,900 tons, a decrease of 3,325 tons [1] - Recycled refined lead price was 16,700 yuan/ton, a decrease of 25; recycled lead comprehensive profit and loss was -331 yuan/ton, a decrease of 25 [1] 2. News - Weak US JOLTS job vacancy 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 threaten with tariffs and oppose the UN shipping emission agreement [1] 3. Lead Trend Intensity - Lead trend intensity was 0, indicating a neutral stance [1]