铅锌日评20251118：沪铅上方承压，沪锌或有回调-20251118

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The lead price is under pressure above, and continuous attention should be paid to the impact of raw materials on smelter operations [1]. - The zinc market fundamentals remain weak, with short - term zinc prices under pressure. In the medium term, the zinc price will get some support at the bottom, and range trading is the main strategy [1]. 3. Summary by Related Catalogs Lead - Price and Market Data: The average price of SMM1 lead ingots decreased by 0.86% to 17,275 yuan/ton, and the closing price of the Shanghai lead futures main contract decreased by 0.80% to 17,355 yuan/ton. The trading volume of the active futures contract was 74,591 lots, a 99.73% increase, and the open interest was 74,585 lots, a 94.15% increase. The LME lead inventory was 266,125 tons, with no change [1]. - Fundamentals: There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall. Some smelters have maintenance plans, and the operation rate of primary lead has fluctuated slightly. The operation rate of secondary lead in Anhui has recovered, while that in Henan has declined due to environmental protection. The demand from lead - acid battery enterprises has increased [1]. - Trading Strategy: Hold the previous short positions [1]. Zinc - Price and Market Data: The average price of SMM1 zinc ingots decreased by 0.40% to 22,330 yuan/ton, and the closing price of the Shanghai zinc futures main contract increased by 0.18% to 22,465 yuan/ton. The trading volume of the active futures contract was 94,668 lots, a 23.43% decrease, and the open interest was 91,450 lots, an 8.69% decrease. The LME zinc inventory was 39,975 tons, with no change [1]. - Fundamentals: Smelters are actively purchasing domestic zinc concentrates, and processing fees have continued to decline. The profit and production enthusiasm of smelters have improved, with an expected monthly output of about 600,000 tons. The demand is still weak, and some downstream operations have been affected by environmental protection [1]. - Trading Strategy: Hold the previous short positions [1]. Industry News - Yunnan Luoping announced that on November 15, 2025, the Puding County Emergency Management Bureau approved the resumption of production of Jinpo Lead - Zinc Mine, which stopped all mining activities after its mining license expired on December 25, 2024 [1]. - Peru's central bank data showed that in September, Peru exported 257,500 tons of copper, 3,000 tons of tin, 570,200 ounces of gold, 500,000 ounces of refined silver, 45,000 tons of lead, and 90,800 tons of zinc [1]. - Pan American Silver Corp's Q3 2025 report showed that its zinc concentrate output was 12,600 tons, a 13% year - on - year increase, and lead concentrate output was 6,200 tons, a 19% year - on - year increase [1].