铅周报：伦铅偏强支撑，沪铅调整有限-20251117

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Last week, the main contract price of Shanghai lead first rose and then fell. Macroscopically, the end of the US government shutdown, hawkish remarks from Fed officials, and weak domestic economic data pressured lead prices. Fundamentally, raw material supply remained tight, and processing fees for lead concentrates were weak and stable. Environmental controls in Henan affected the recycling of waste batteries, and some holders withheld goods, increasing costs. On the smelting side, primary lead production was stable, while secondary lead supply decreased slightly. In terms of demand, the consumption of lead - acid batteries for electric bicycles entered the off - season, and enterprises mainly made rigid purchases. Overall, LME lead was technically strong, and the domestic supply was stable while demand was weak. The import window for lead ingots closed, and lead prices were expected to adjust at a high level, with limited downward space due to the strength of LME lead and low domestic inventories [3][5][6] Group 3: Summary by Related Catalogs Transaction Data - From November 7th to November 14th, SHFE lead rose from 17,420 yuan/ton to 17,495 yuan/ton, LME lead rose from 2045 dollars/ton to 2066 dollars/ton, the Shanghai - London ratio decreased from 8.52 to 8.47, SHFE inventory increased by 4208 tons to 42,790 tons, LME inventory increased by 18,775 tons to 222,475 tons, social inventory increased by 0.31 million tons to 3.49 million tons, and the spot premium decreased from - 175 yuan/ton to - 190 yuan/ton [4] Market Review - Last week, the main contract of Shanghai lead switched to PB2601, with a weekly increase of 0.34%. LME lead rose first and then adjusted, with a weekly increase of 1.03%. In the spot market, after the rise and fall of Shanghai lead, the willingness of holders to deliver was determined, and the enthusiasm for shipping increased. Downstream enterprises were cautious in purchasing [5] Industry News - As of the week of November 14th, the domestic lead concentrate processing fee was 300 yuan/metal ton, and the imported ore processing fee was - 135 dollars/dry ton, with both averages remaining flat month - on - month [9] Related Charts - The report provides 14 charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory levels, spread situations, waste battery prices, enterprise profit, processing fees, output, social inventory, and import profit and loss [11][12][18][19][22][23][25]