铅锌日评20251126：沪铅震荡回落，沪锌震荡偏弱-20251126

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For lead, the lead price oscillated and declined. Although the processing fee of lead concentrate is likely to rise and difficult to fall, it has not had a substantial impact on refinery operations. Some refineries have maintenance plans, and the production of primary lead has fluctuated slightly. The production of recycled lead has increased, and the demand from lead - battery enterprises has also increased. Overall, the supply shortage has improved, and the lead price is under pressure. It is recommended to hold previous short positions [1]. - For zinc, the zinc market fundamentals remain weak, and the short - term zinc price may be under pressure. In the medium term, the ore supply will tighten in the fourth quarter, which may affect the supply side and provide some support for the zinc price. It is recommended to trade within a range and hold previous short positions [1]. 3. Summary by Relevant Catalogs Lead - Price and Market Data - The average price of SMM1 lead ingots decreased by 0.44% compared to the previous day, and the closing price of the main Shanghai lead contract decreased by 0.53% compared to the previous day. The LME3 - month lead futures closing price (electronic trading) remained unchanged. The Shanghai - London lead price ratio decreased by 0.53% [1]. - The futures active contract trading volume increased by 5.40%, and the position decreased by 0.80%. The LME inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 3.05% [1]. - Industry News - Some waste lead - acid battery recycling enterprises in Beijing reduced the purchase price of waste automotive batteries by about 50 yuan/ton due to the continuous decline of lead price. They expect the purchase price to remain low in the short term [1]. - On November 24th, the [LME0 - 3 lead] was at a discount of 28.49 dollars/ton, and the position increased by 162 hands to 160,841 hands [1]. Zinc - Price and Market Data - The average price of SMM1 zinc ingots increased by 0.09% compared to the previous day, and the closing price of the main Shanghai zinc contract decreased by 0.13% compared to the previous day. The LME3 - month zinc futures closing price (electronic trading) remained unchanged. The Shanghai - London zinc price ratio decreased by 0.13% [1]. - The futures active contract trading volume decreased by 18.76%, and the position increased by 3.41%. The LME inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory decreased by 1.10% [1]. - Industry News - Kazakhstan's refined zinc production in October was 20,475 tons, a 1.5% increase from September. The total refined zinc production in the first 10 months of this year was 214,334 tons, a 3.7% year - on - year decrease [1]. - On November 24th, the [LME0 - 3 zinc] was at a premium of 140.2 dollars/ton, and the position decreased by 1,637 hands to 216,552 hands [1].