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市场现货成交仍陷清淡，铅价在万七附近持续震荡
Hua Tai Qi Huo·2025-09-25 05:28
  1. Report Industry Investment Rating - The investment rating for the lead market is cautiously bullish [3]. 2. Core View of the Report - The lead price has been oscillating around 17,000 yuan/ton, with light spot market transactions. After the Fed's interest - rate meeting, most non - ferrous metals showed signs of stabilizing or rebounding. With the upcoming National Day holiday, downstream restocking enthusiasm may be stimulated. It is recommended to adopt a strategy of buying on dips for hedging, with the buying range suggested between 16,800 yuan/ton and 17,000 yuan/ton [1][2][3]. 3. Summary by Related Catalogs Market News and Important Data Spot Market - On September 24, 2025, the LME lead spot premium was - 42.13 US dollars/ton. The SMM1 lead ingot spot price dropped by 25 yuan/ton to 16,950 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 10.00 yuan/ton, the SMM Guangdong lead spot price dropped by 50 yuan/ton to 16,950 yuan/ton, the SMM Henan lead spot price dropped by 25 yuan/ton to 16,975 yuan/ton, and the SMM Tianjin lead spot premium dropped by 25 yuan/ton to 16,975 yuan/ton. The lead refined - scrap price difference remained unchanged at - 75 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1]. Futures Market - On September 24, 2025, the main SHFE lead contract opened at 17,085 yuan/ton and closed at 17,065 yuan/ton, down 20 yuan/ton from the previous trading day. The trading volume was 43,329 lots, down 5,429 lots from the previous trading day, and the position was 61,071 lots, down 2,870 lots from the previous trading day. The intraday price oscillated, with a high of 17,110 yuan/ton and a low of 17,035 yuan/ton. In the night session, the main SHFE lead contract opened at 17,085 yuan/ton and closed at 17,125 yuan/ton, up 0.29% from the afternoon close [2]. Inventory - On September 24, 2025, the total SMM lead ingot inventory was 55,000 tons, down 12,900 tons from the previous week. As of September 24, the LME lead inventory was 219,725 tons, down 250 tons from the previous trading day [2]. Strategy - It is recommended to buy on dips for hedging, with the buying range between 16,800 yuan/ton and 17,000 yuan/ton [3].