新能源及有色金属日报：现货散单成交偏淡，但铅价受益于有色板块走强-20251028

Group 1: Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] Group 2: Core View of the Report - The improvement in lead consumption has increased the downstream's enthusiasm for purchasing lead ingots, and China's social lead inventory has dropped to a more than one - year low. Favorable factors for the terminal demand of the non - ferrous sector revealed in important domestic meetings have led to a significant increase in lead prices this week. However, due to the occasional interference of trade disputes and the suppression of demand caused by the rising lead prices, the possibility of a continuous and substantial increase in lead prices in the future is relatively low [3] Group 3: Summary of Each Section Market News and Important Data Spot - On October 27, 2025, the LME lead spot premium was -$36.64 per ton. The SMM1 lead ingot spot price decreased by 50 yuan/ton to 17,250 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by 25 yuan/ton to 40 yuan/ton. The SMM Guangdong lead spot price decreased by 50 yuan/ton to 17,400 yuan/ton. The SMM Henan lead spot price decreased by 50 yuan/ton to 17,350 yuan/ton. The SMM Tianjin lead spot premium decreased by 50 yuan/ton to 17,400 yuan/ton. The lead refined - scrap price difference remained unchanged at -50 yuan/ton. The price of waste electric vehicle batteries increased by 25 yuan/ton to 10,025 yuan/ton, while the prices of waste white - shell and black - shell remained unchanged at 10,150 yuan/ton and 10,425 yuan/ton respectively [1] Futures - On October 27, 2025, the main contract of Shanghai lead opened at 17,640 yuan/ton, closed at 17,520 yuan/ton, a decrease of 75 yuan/ton from the previous trading day. The trading volume was 81,722 lots, an increase of 2,208 lots from the previous trading day, and the position was 84,395 lots, an increase of 549 lots. The intraday price fluctuated, with a high of 17,640 yuan/ton and a low of 17,395 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,520 yuan/ton and closed at 17,440 yuan/ton, a decrease of 80 yuan/ton from the afternoon close [2] Inventory - On October 27, 2025, the total SMM lead ingot inventory was 30,000 tons, a decrease of 1,600 tons compared to the same period last week. As of October 27, the LME lead inventory was 232,375 tons, a decrease of 3,000 tons from the previous trading day [2] Strategy - The operation strategy this week is to consider a buy - on - dips hedging approach, with the recommended buying range between 17,250 yuan/ton and 17,300 yuan/ton [3]