铅锌日评20251208：沪铅震荡偏强；沪锌震荡整理-20251208

Report Overview - The report is a daily review of lead and zinc futures on December 8, 2025, covering price trends, fundamental information, and trading strategies [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - Lead: The lead price is expected to fluctuate strongly in the short term due to tightened raw material supply and improved macro - sentiment. Suggest a strategy of buying on dips with a light position [1] - Zinc: The zinc price is mainly range - bound with support from tightened mine supply. A wait - and - see approach is recommended [1] Summary by Directory Price and Spread - Lead: SMM1 lead ingot average price was 17,175 yuan/ton, up 0.44%; futures主力合约收盘价 was 17,290 yuan/ton, up 0.26%;沪铅基差 was - 115 yuan/ton, up 30 yuan/ton [1] - Zinc: SMM1 zinc ingot average price was 23,060 yuan/ton, up 0.61%; futures主力合约收盘价 was 23,305 yuan/ton, up 1.92%;沪锌基差 was - 245 yuan/ton, down 300 yuan/ton [1] Trading Volume and Open Interest - Lead: Futures active contract trading volume was 44,508 lots, up 19.36%; open interest was 44,944 lots, down 3.52%; the trading volume to open interest ratio was 0.99, up 23.71% [1] - Zinc: Futures active contract trading volume was 163,149 lots, down 0.73%; open interest was 107,552 lots, up 1.77%; the trading volume to open interest ratio was 1.52, down 2.45% [1] Inventory - Lead: LME inventory was 243,550 tons, unchanged;沪铅仓单库存 was 16,078 tons, down 2.87% [1] - Zinc: LME inventory was 55,375 tons, unchanged;沪锌仓单库存 was 60,729 tons, down 2.09% [1] Fundamental Information - Lead: From November 28 to December 4, the weekly operating rate of primary lead enterprises was 65.92%, up 0.6 percentage points; that of secondary lead enterprises was 48.4%, down 0.1 percentage points. The consumption of electric bicycle batteries is weakening, while the automotive battery market is approaching the traditional replacement peak [1] - Zinc: From November 28 to December 4, the weekly operating rate of galvanizing enterprises was 58.2%, up 1.66 percentage points; that of die - casting zinc alloy enterprises was 51.08%, down 0.22 percentage points; that of zinc oxide enterprises was 56.45%, down 0.92 percentage points. The demand is weak, and the downstream procurement has decreased [1] Trading Strategies - Lead: Buy on dips with a light position [1] - Zinc: Wait and see [1]