新能源及有色金属日报：下游接货热情略有好转，但铅价仍维持震荡格局-20251031

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Hold off [4] Core View - The domestic mine supply remains relatively tight, and smelters have a low willingness to purchase high-silver mines. The market is currently in a situation of weak supply and demand. Since the National Day, downstream demand has been better than expected, leading to a significant reduction in domestic inventories. However, with the overall adjustment of the non-ferrous sector, the lead price may temporarily enter a volatile pattern [3] Summary by Related Catalogs Market News and Important Data Spot Market - On October 30, 2025, the LME lead spot premium was -$35.12/ton. The SMM 1 lead ingot spot price remained unchanged at 17,200 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 30 yuan/ton, the SMM Guangdong lead spot price remained unchanged at 17,275 yuan/ton, the SMM Henan lead spot price remained unchanged at 17,225 yuan/ton, and the SMM Tianjin lead spot premium remained unchanged at 17,275 yuan/ton. The lead concentrate scrap price difference remained unchanged at -50 yuan/ton, the waste electric vehicle battery price remained unchanged at 10,025 yuan/ton, the waste white shell price remained unchanged at 10,150 yuan/ton, and the waste black shell price remained unchanged at 10,425 yuan/ton [1] Futures Market - On October 30, 2025, the main contract of Shanghai lead opened at 17,360 yuan/ton and closed at 17,350 yuan/ton, down 5 yuan/ton from the previous trading day. The trading volume was 39,452 lots, down 6,873 lots from the previous trading day, and the position was 69,287 lots, down 4,231 lots from the previous trading day. The price fluctuated during the day, reaching a high of 17,405 yuan/ton and a low of 17,335 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,355 yuan/ton and closed at 17,375 yuan/ton, up 25 yuan/ton from the afternoon close [2] Inventory - On October 30, 2025, the total SMM lead ingot inventory was 30,000 tons, down 50 tons from the same period last week. As of October 30, the LME lead inventory was 224,175 tons, down 700 tons from the previous trading day [2]