新能源及有色金属日报：蓄电池企业少量逢低采购，铅价维持震荡-20251015

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Suspended [4] Core View of the Report - Currently, the processing fee for lead concentrates remains low despite the continuous increase in 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. It is predicted that the lead price will show a volatile pattern, roughly ranging from 16,920 yuan/ton to 17,300 yuan/ton [3] Summary by Related Catalogs Market News and Important Data Spot - On October 14, 2025, the LME lead spot premium was - 45.35 dollars/ton. The SMM1 lead ingot spot price decreased by 50 yuan/ton to 16,875 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 0.00 yuan/ton. The SMM Guangdong lead spot price decreased by 50 yuan/ton to 16,925 yuan/ton, the SMM Henan lead spot price decreased by 75 yuan/ton to 16,925 yuan/ton, and the SMM Tianjin lead spot premium decreased by 50 yuan/ton to 16,975 yuan/ton. The lead concentrate - scrap price difference remained unchanged at - 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,000 yuan/ton, 10,125 yuan/ton, and 10,375 yuan/ton respectively [1] Futures - On October 14, 2025, the main contract of Shanghai lead opened at 17,050 yuan/ton and closed at 17,050 yuan/ton, a decrease of 45 yuan/ton compared to the previous trading day. The trading volume was 43,201 lots, a decrease of 23,393 lots compared to the previous trading day, and the position was 43,597 lots, a decrease of 391 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,155 yuan/ton and the lowest point reaching 17,035 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,010 yuan/ton and closed at 17,015 yuan/ton, a decrease of 0.41% compared to the afternoon closing price of the previous day [2] Inventory - On October 14, 2025, the total inventory of SMM lead ingots was 36,000 tons, a decrease of 900 tons compared to the same period last week. As of October 14, the LME lead inventory was 246,550 tons, unchanged from the previous trading day [2]