Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The reduction of domestic lead inventories supports the price of lead [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of the Shanghai lead main contract was 17,160 yuan/ton, up 0.59% from the previous day, and the closing price of the LME lead 3M electronic disk was 1,994 dollars/ton, up 1.17% [1]. - Volume: The trading volume of the Shanghai lead main contract was 43,537 lots, an increase of 15,881 lots, and the trading volume of LME lead was 6,002 lots, an increase of 14 lots [1]. - Open Interest: The open interest of the Shanghai lead main contract was 33,556 lots, a decrease of 4,639 lots, and the open interest of LME lead was 153,816 lots, a decrease of 324 lots [1]. - Premium and Discount: The premium and discount of Shanghai 1 lead was -20 yuan/ton, an increase of 5 yuan/ton, and the LME CASH - 3M premium and discount was -41.78 dollars/ton, an increase of 0.07 dollars/ton [1]. - Import and Export Profits and Losses: The spot import profit and loss of lead ingots was -184.43 yuan/ton, an increase of 8.75 yuan/ton, and the import profit and loss of the Shanghai lead continuous third contract was -225.52 yuan/ton, a decrease of 42.14 yuan/ton [1]. - Inventory: The Shanghai lead futures inventory was 28,133 tons, a decrease of 1,132 tons, and the LME lead inventory was 247,300 tons, unchanged [1]. - Recycled Lead: The price of recycled refined lead was 16,975 yuan/ton, an increase of 100 yuan/ton, and the comprehensive profit and loss of recycled lead was 0 yuan/ton, an increase of 95 yuan/ton [1]. 3.2 News - The Russia - Ukraine process is full of twists and turns: the preparation for the "Trump - Putin meeting" has encountered obstacles, and Europe has clearly responded to Trump for the first time, calling for an "immediate cease - fire" [1]. - Regarding the issue of Nexperia, China firmly opposes the over - generalization of the "national security" concept, hopes that the EU will play an important constructive role, and urges the Netherlands to adhere to the spirit of contract and market principles and propose a proper solution as soon as possible [1]. 3.3 Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral view, with the value range being an integer in the [-2, 2] interval [1].
铅：国内库存减少，支撑价格
Guo Tai Jun An Qi Huo·2025-10-22 02:09