新能源及有色金属日报：盘中出现极端价格，铅价或可逢高沽空-20251127

1. Report Industry Investment Rating - The investment rating for the lead market is cautiously bearish [3] 2. Core View of the Report - The lead market shows a pattern of weak supply and demand. The supply of lead ore remains tight, and processing fees are at a low level. The operating rates of primary lead and recycled lead smelters are both low, with limited supply pressure. On the consumption side, it remains stable, and there are no strong signals of recovery. Due to possible large - order impacts, the lead price dropped significantly during trading, and it is recommended to short on rallies for now [3] 3. Summary by Relevant Catalog Market News and Important Data Spot Market - On November 26, 2025, the LME lead spot premium was -$35.57 per ton. The SMM 1 lead ingot spot price remained unchanged at 17,000 yuan per ton compared to the previous trading day. The spot premiums and discounts in different regions also remained unchanged. The lead scrap price differentials and waste battery prices also showed no change [1] Futures Market - On November 26, 2025, the Shanghai lead main contract opened at 17,065 yuan per ton and closed at 17,065 yuan per ton, up 20 yuan per ton from the previous trading day. The trading volume was 40,187 lots, down 309 lots from the previous day. The open interest was 49,033 lots, down 3,433 lots. During the night session, the contract closed at 16,845 yuan per ton, down 1.32% from the afternoon close. The lead price in Henan, Hunan, and Yunnan regions showed different pricing strategies, and downstream enterprises maintained rigid - demand procurement with a strong wait - and - see attitude and light trading volume [2] Inventory - On November 26, 2025, the total SMM lead ingot inventory was 37,000 tons, down 70 tons from the previous week. As of November 27, the LME lead inventory was 264,975 tons, up 400 tons from the previous trading day [2] Strategy - The lead market presents a situation of weak supply and demand. It is advisable to short on rallies for the lead price for the time being [3]