铅锌日评20251125：沪铅震荡回落；沪锌震荡偏弱-20251125

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - Lead Market: The lead price oscillated and declined. The raw material support weakened, and the supply tightness improved, putting pressure on the lead price. The terminal market improved, and the demand for lead batteries increased. It is recommended to hold previous short positions [1]. - Zinc Market: The fundamentals of the zinc market remained weak, and the short - term zinc price might be under pressure. In the medium term, the ore supply would tighten in the fourth quarter, providing some support to the zinc price. It is recommended to hold previous short positions [1]. 3. Summary by Related Catalogs Lead - Price and Market Indicators: On November 25, 2025, the average price of SMM1 lead ingots was 17,075 yuan/ton with no change. The closing price of the main futures contract of Shanghai lead was 17,135 yuan/ton, down 0.17%. The LME3 - month lead futures closing price (electronic disk) was 1,992 dollars/ton, up 0.15%. The Shanghai - London lead price ratio was 22,310, down 0.27% [1]. - Supply and Demand: There was no expected increase in lead concentrate imports, and the processing fee was likely to rise. Some refineries had maintenance plans, and the operation rate of primary lead fluctuated slightly. The operation rate of secondary lead in Anhui increased after the refinery resumed production, while that in Henan decreased due to environmental protection. The demand for lead batteries improved, and the demand side increased [1]. - Inventory: The LME lead inventory was 265,275 tons with no change, and the Shanghai lead warehouse receipt inventory was 29,556 tons, down 1.33% [1]. Zinc - Price and Market Indicators: On November 25, 2025, the closing price of the main futures contract of Shanghai zinc was 22,390 yuan/ton, down 0.02%. The LME3 - month zinc futures closing price (electronic disk) was 3,003 dollars/ton, up 0.37%. The Shanghai - London zinc price ratio was 7.46, down 0.39% [1]. - Supply and Demand: Refineries actively purchased domestic zinc ore, and the processing fee was expected to decline. The refinery profit and production enthusiasm improved, and the monthly output was expected to be around 600,000 tons. The demand side was weak, and the operation rate of some downstream enterprises decreased due to environmental protection and cold weather [1]. - Inventory: The LME zinc inventory was 47,425 tons with no change, and the Shanghai zinc warehouse receipt inventory was 74,641 tons, up 2.39%. As of November 24, the total inventory of SMM seven - region zinc ingots was 151,000 tons, a decrease compared to previous periods [1].