铅锌日评20251124：沪铅上方承压；沪锌震荡偏弱-20251124

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For lead, the lead price is under pressure above. The raw material support may loosen, and the supply shortage has improved. It is recommended to hold previous short positions [1] - For zinc, the zinc market fundamentals are still weak, and the short - term zinc price may be under pressure. In the medium term, the zinc price will get some support at the bottom, and it is recommended to adopt range - bound operations. It is also recommended to hold previous short positions [1] 3. Summary by Relevant Catalogs Lead Market Data - SMM1 lead ingot average price was 17,075 yuan/ton, down 0.29%. The futures main contract closing price was 17,165 yuan/ton, down 0.32%. The trading volume of the futures active contract increased by 7.79% to 40,133 hands, and the open interest decreased by 8.59% to 55,106 hands. The LME inventory remained unchanged at 262,850 tons, and the Shanghai lead warehouse receipt inventory decreased by 1.97% to 29,955 tons. The LME 3 - month lead futures closing price was 1,989 dollars/ton, down 0.80% [1] Industry News - From November 14th to November 20th, the weekly operating rate of SMM primary lead enterprises was 67.7%, up 0.13 percentage points; the weekly operating rate of secondary lead enterprises was 50.5%, up 2.3 percentage points; the weekly operating rate of lead - acid battery enterprises was 70.56%, remaining flat [1] - The Swedish Environment and Land Court approved Boliden's application to expand the environmental permit of its Garpenberg lead - zinc mine, allowing the annual mining volume to increase from 350 million tons/year to 450 million tons/year [1] Fundamental Analysis - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. Some refineries have maintenance plans, and the primary lead operation fluctuates slightly. The secondary lead operation in Anhui recovers and climbs, while that in Henan decreases due to environmental protection. The demand side has an increase, but the lead price is under pressure above [1] Investment Strategy - Hold previous short positions [1] Zinc Market Data - SMM1 zinc ingot average price was 22,370 yuan/ton, up 0.04%. The futures main contract closing price was 22,395 yuan/ton, up 0.07%. The trading volume of the futures active contract increased by 36.40% to 74,639 hands, and the open interest decreased by 15.37% to 52,299 hands. The LME inventory remained unchanged at 47,325 tons, and the Shanghai zinc warehouse receipt inventory decreased by 1.05% to 72,897 tons. The LME 3 - month zinc futures closing price was 2,992 dollars/ton, down 0.38% [1] Industry News - From November 14th to November 20th, the weekly operating rate of galvanized enterprises was 57.17%, down 0.42 percentage points; the weekly operating rate of die - casting zinc alloy enterprises was 51.02%, up 0.72 percentage points; the weekly operating rate of zinc oxide enterprises was 57.25%, up 0.94 percentage points. On November 20th, the [LME0 - 3 zinc] premium was 134.75 dollars/ton, and the open interest increased by 2,373 hands to 220,789 hands [1] Fundamental Analysis - Refineries actively purchase domestic zinc concentrates, and the domestic zinc concentrate shortage persists. The processing fee is expected to decline. The supply is expected to remain at about 600,000 tons per month, and the demand is still weak [1] Investment Strategy - Hold previous short positions and conduct range - bound operations [1]