铅：LME库存减少，限制价格回落

Report Summary 1. Industry Investment Rating - No information provided 2. Core View - LME lead inventory decreased, which limited the price decline [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - Price: The closing price of SHFE lead main contract was 17,490 yuan/ton, down 0.37%; the closing price of LME lead 3M electronic disk was $1,999.5/ton, up 0.83% [1] - Volume: The trading volume of SHFE lead main contract was 84,769 lots, an increase of 26,000; the trading volume of LME lead was 3,806 lots, a decrease of 1,794 [1] - Open Interest: The open interest of SHFE lead main contract was 54,475 lots, a decrease of 1,083; the open interest of LME lead was 177,974 lots, a decrease of 181 [1] - Premium and Discount: The premium of Shanghai 1 lead was -25 yuan/ton, a decrease of 25; the LME CASH - 3M premium was -$37.81/ton, an increase of $4.49 [1] - Import Profit and Loss: The spot import profit and loss of lead ingots was 288.1 yuan/ton, an increase of 50.11; the import profit and loss of SHFE lead continuous third contract was 213.18 yuan/ton, an increase of 75.78 [1] - Inventory: The SHFE lead futures inventory was 11,583 tons, an increase of 25; the LME lead inventory was 244,275 tons, a decrease of 4,625 [1] - Recycled Lead: The price of recycled electric vehicle batteries was 9,950 yuan/ton, an increase of 25; the comprehensive profit and loss of recycled lead was 413 yuan/ton, an increase of 126 [1] 3.2 News - From January to November, the total profit of industrial enterprises above designated size in China was 6.62686 trillion yuan, a year - on - year increase of 0.1% (previous value 1.9%); the operating income was 125.34 trillion yuan, a year - on - year increase of 1.6% (previous value 1.8%). In November, the profit decreased by 13.1% year - on - year (previous value - 5.5%) [2] - Ukrainian President Zelensky planned to meet with US President Trump in Florida on the 28th to discuss security guarantees for Ukraine and some "sensitive" issues [2] - The lead trend strength was 0, indicating a neutral view [2]