新能源及有色金属日报：冶炼厂挺价情绪较重，买卖双方呈现拉锯-20250924

1. Report Industry Investment Rating - The investment rating is cautiously bullish [4] 2. Core View of the Report - After the Fed's interest - rate meeting, most non - ferrous metals have shown a trend of stabilizing and rebounding after a decline. With the upcoming National Day holiday, the enthusiasm for downstream replenishment may be stimulated. It is recommended to conduct buying hedging on dips, with the buying range between 16,800 yuan/ton and 17,000 yuan/ton [4] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On September 23, 2025, the LME lead spot premium was - 45.16 dollars/ton. The SMM1 lead ingot spot price changed by - 25 yuan/ton to 16,975 yuan/ton. The SMM Shanghai lead spot premium changed by 0 yuan/ton to - 15.00 yuan/ton. The SMM Guangdong lead spot price changed by - 25 yuan/ton to 17,000 yuan/ton. The SMM Henan lead spot price changed by - 25 yuan/ton to 17,000 yuan/ton. The SMM Tianjin lead spot premium changed by - 25 yuan/ton to 17,000 yuan/ton. The lead refined - scrap price difference remained unchanged at - 75 yuan/ton. The price of waste electric vehicle batteries remained at 9,975 yuan/ton, waste white shells at 10,075 yuan/ton, and waste black shells at 10,350 yuan/ton [1] Futures - On September 23, 2025, the main contract of SHFE lead opened at 17,190 yuan/ton and closed at 17,085 yuan/ton, down 40 yuan/ton from the previous trading day. The trading volume was 48,758 lots, an increase of 24,388 lots. The position was 63,941 lots, an increase of 36,509 lots. The intraday price fluctuated, with the highest point at 17,190 yuan/ton and the lowest at 17,065 yuan/ton. In the night session, it opened at 17,085 yuan/ton and closed at 17,090 yuan/ton, down 0.20% from the afternoon close. The SMM1 lead price remained flat. Henan smelters mainly delivered long - term contracts. Some holders quoted at a discount of 150 - 120 yuan/ton to the SHFE lead 2511 contract, and some pre - sold goods for the National Day holiday next week. Hunan smelters also mainly delivered long - term contracts, with few quotes for spot sales. Traders quoted at a discount of 150 yuan/ton to the SHFE lead 2510 contract or 180 yuan/ton to the SHFE lead 2511 contract. Holders in Anhui and Jiangxi quoted at a premium of 100 - 150 yuan/ton to the SMM1 lead. The lead futures price weakened slightly after sideways trading. Smelters' quotes were relatively firm. After the pre - holiday stockpiling of downstream battery enterprises, there was only a small amount of low - price procurement, and the trading in some markets was light [2] Inventory - On September 23, 2025, the total SMM lead ingot inventory was 55,000 tons, a decrease of 12,900 tons from last week. As of September 23, the LME lead inventory was 219,975 tons, an increase of 1,375 tons from the previous trading day [3]