新能源及有色金属日报：下游采购意愿有限，铅价维持震荡格局-20251014

1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy:暂缓 (No English equivalent provided in the context, so keeping it as is) [4] 2. Core View of the Report - Currently, the processing fee of lead concentrate remains low despite the rising by - product prices, and there are no significant contradictions in the fundamentals. Downstream enterprises are expected to fully recover from the holiday next week, mostly adopting a production - based - on - sales model. The lead price is expected to show a volatile pattern, roughly ranging from 16,920 yuan/ton to 17,300 yuan/ton [3] 3. Summary by Related Catalogs Market News and Important Data Spot - On October 13, 2025, the LME lead spot premium was - 38.22 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,925 yuan/ton compared to the previous trading day. SMM Shanghai lead spot premium remained unchanged at 0.00 yuan/ton, SMM Guangdong lead spot price decreased by 25 yuan/ton to 16,975 yuan/ton, SMM Henan lead spot price remained unchanged at 17,000 yuan/ton, and SMM Tianjin lead spot premium remained unchanged at 17,025 yuan/ton. The lead concentrate - scrap price difference remained unchanged at - 25 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,000 yuan/ton, the price of waste white shells increased by 25 yuan/ton to 10,125 yuan/ton, and the price of waste black shells increased by 25 yuan/ton to 10,375 yuan/ton [1] Futures - On October 13, 2025, the main contract of Shanghai lead opened at 17,160 yuan/ton, closed at 17,095 yuan/ton, a decrease of 45 yuan/ton compared to the previous trading day. The trading volume was 66,594 lots, an increase of 30,286 lots compared to the previous trading day. The position was 43,988 lots, a decrease of 807 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,290 yuan/ton and the lowest point reaching 17,085 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, a rise of 65 yuan/ton compared to the afternoon closing price of the previous day [1] Consumption and Inventory - The SMM1 lead price remained unchanged from the previous trading day. In Henan, holders offered at a discount of 130 - 60 yuan/ton to the SHFE lead 2511 contract; in Hunan, smelters offered at a premium of 0 - 25 yuan/ton to SMM1 lead or at a discount of 150 yuan/ton to the SHFE lead 2511 contract, and some traders offered at a discount of 30 yuan/ton to SMM1 lead; in Guangdong, smelters offered at a premium of 25 - 100 yuan/ton to SMM1 lead. Downstream consumption showed no improvement, and battery enterprises mainly made rigid - demand purchases, resulting in a dull trading in the spot market. On October 13, 2025, the total SMM lead ingot inventory was 36,000 tons, a decrease of 900 tons compared to the same period last week. As of October 13, the LME lead inventory was 237,000 tons, unchanged from the previous trading day [2]