铅：库存减少，支撑价格震荡

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The reduction in lead inventory supports the price to fluctuate [1] - The Fed cut interest rates by 25 basis points as expected, admitted the weakening of the labor market and mentioned rising inflation; the dot - plot shows two more expected rate cuts this year and one next year; Powell said the call for a 50 - basis - point rate cut at this meeting was not high, and the Fed's signals were mixed, causing major assets to fluctuate [2] Group 3: Summary by Related Catalog 1. Fundamental Tracking - Price: The closing price of the Shanghai lead main contract was 17,100 yuan/ton, up 0.26%; the LME lead 3M electronic disk closed at $2,006.5/ton, up 0.25% [1] - Volume: The trading volume of the Shanghai lead main contract was 44,958 lots, a decrease of 10,020 lots; the LME lead trading volume was 4,966 lots, a decrease of 550 lots [1] - Open Interest: The open interest of the Shanghai lead main contract was 42,195 lots, a decrease of 2,900 lots; the LME lead open interest was 164,909 lots, a decrease of 716 lots [1] - Premium and Discount: The premium of Shanghai 1 lead was 0 yuan/ton, unchanged; the LME CASH - 3M premium was - $49.61/ton, a decrease of $1.61/ton; PB00 - PB01 was - 10 yuan/ton, an increase of 15 yuan/ton; the import premium was $110/ton, unchanged [1] - Import Profit and Loss: The spot import profit and loss of lead ingots was - 239.27 yuan/ton, an increase of 5.99 yuan/ton; the import profit and loss of Shanghai lead continuous three was - 380.08 yuan/ton, a decrease of 37.62 yuan/ton [1] - Inventory: The Shanghai lead futures inventory was 59,218 tons, a decrease of 199 tons; the LME lead inventory was 225,350 tons, a decrease of 2,500 tons; the LME lead cancelled warrants were 26,850 tons, a decrease of 2,500 tons [1] - Other Prices: The price of waste electric vehicle batteries was 9,975 yuan/ton, unchanged; the price of recycled refined lead was 16,875 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was - 19 yuan/ton, unchanged [1] 2. News - The Fed cut interest rates by 25 basis points, admitted the weakening of the labor market and mentioned rising inflation. The dot - plot shows two more expected rate cuts this year and one next year. Powell said the call for a 50 - basis - point rate cut at this meeting was not high, and the Fed's signals were mixed, causing major assets to fluctuate [2] 3. Lead Trend Intensity - The lead trend intensity is 0, within the range of [-2, 2], indicating a neutral trend [2]