Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-14 09:52Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. Group 2: Core Viewpoints of the Report - The overall lead supply shows a stable and upward trend, while the overall demand is still in a slow recovery stage without significant explosive growth. The inventory decline provides some support for prices, and the Shanghai lead futures market is expected to maintain a high - level oscillation pattern next week. It is recommended to place long orders at low prices [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai lead main contract was 17,050 yuan/ton, down 45 yuan; the 11 - 12 month contract spread of Shanghai lead was - 10 yuan/ton, up 5 yuan; the Shanghai lead open interest was 83,607 lots, up 874 lots; the net position of the top 20 in Shanghai lead was - 3,855 lots, up 528 lots; the Shanghai lead warehouse receipts were 30,705 tons, up 1,136 tons; the SHFE inventory was 39,916 tons, down 1,978 tons; the LME 3 - month lead quotation was 1,993.5 dollars/ton, down 21 dollars; the LME lead inventory was 237,000 tons, unchanged [2]. Spot Market - The spot price of 1 lead from Shanghai Non - ferrous Metals Network was 16,875 yuan/ton, down 50 yuan; the spot price of 1 lead from Yangtze River Non - ferrous Metals Market was 16,990 yuan/ton, down 140 yuan; the basis of the lead main contract was - 175 yuan/ton, down 5 yuan; the LME lead premium (0 - 3) was - 45.35 dollars/ton, down 120.55 dollars; the price of 50% - 60% lead concentrate in Jiyuan was 16,471 yuan, up 43 yuan; the price of domestic recycled lead (≥98.5%) was 16,840 yuan/ton, down 120 yuan [2]. Upstream Situation - The capacity utilization rate of recycled lead was 37.88%, up 0.61%; the number of recycled lead production enterprises was 68, unchanged; the monthly output of recycled lead was 224,200 tons, down 67,500 tons; the average weekly operating rate of primary lead was 83.56%, up 1.46%; the weekly output of primary lead was 37,300 tons, up 200 tons; the processing fee of 60% lead concentrate at major ports was - 90 dollars/kiloton, unchanged; the ILZSG lead supply - demand balance was - 5,600 tons, down 5,100 tons; the global lead ore output was 379,900 tons, down 16,000 tons; the lead ore import volume was 1,348,000 tons, up 127,000 tons [2]. Industry Situation - The refined lead import volume was 1,820.55 tons, down 1,596.29 tons; the refined lead export volume was 2,752.22 tons, up 957.7 tons; the average domestic processing fee of lead concentrate to the factory was 380 yuan/ton, unchanged; the average price of waste batteries in the market was 9,989.29 yuan/ton, down 1.78 yuan [2]. Downstream Situation - The monthly export volume of batteries was 49,680,000 pieces, up 1,925,000 pieces; the Shenwan industry index of batteries and other batteries was 2,099.11 points, down 34.55 points; the monthly automobile output was 2.7524 million vehicles, up 242,400 vehicles; the monthly new - energy vehicle output was 1.333 million vehicles, up 157,000 vehicles; the average price of lead - antimony alloy for batteries (with 2% antimony) was 19,800 yuan/ton, down 50 yuan [2]. Industry News - Recycling merchants in Guangdong, Jiangxi, and Fujian reported their waste battery purchase prices and inventory situations. The new head of the Philadelphia Fed, Paulson, hinted at supporting two more 25 - basis - point interest rate cuts this year [2].