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Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the main contract price of Shanghai lead futures rose first and then fell. The macro - environment was positive, with loose monetary expectations at home and abroad and geopolitical conflicts increasing the premium of resource - end products, which led to a general rise in precious metals and non - ferrous metals. [4] - Fundamentally, the supply of domestic lead ore raw materials remained tight, and the processing fee was at a low level. In the electrolytic lead sector, there were both production cuts and restarts in January, with a slight expected increase in production. In the recycled lead sector, raw material constraints still existed, and the production was expected to decline slightly month - on - month. On the demand side, consumption expectations were under pressure, and social inventories were expected to rise slowly. [4] - Overall, the macro - environment was positive, and non - ferrous metals rotated up. The supply - demand situation was weak on both sides, and the lead price was expected to fluctuate widely following the non - ferrous sector. However, due to the strong cost support, the downside space of the lead price was limited. [4][8] Summary by Relevant Catalogs Trading Data - From January 9th to January 16th, the SHFE lead price rose from 17,355 yuan/ton to 17,475 yuan/ton, an increase of 120 yuan/ton; the LME lead price fell from 2046.5 dollars/ton to 2037.5 dollars/ton, a decrease of 9 dollars/ton; the Shanghai - London ratio increased from 8.48 to 8.58, an increase of 0.10. [5] - The SHFE inventory increased from 30,111 tons to 37,044 tons, an increase of 6,933 tons; the LME inventory decreased from 222,725 tons to 206,350 tons, a decrease of 16,375 tons; the social inventory increased from 1.96 million tons to 3.25 million tons, an increase of 1.29 million tons; the spot premium decreased from - 130 yuan/ton to - 145 yuan/ton, a decrease of 15 yuan/ton. [5] Market Review - Last week, the main contract of Shanghai lead futures fluctuated widely at a high level, closing at 17,475 yuan/ton, with a weekly increase of 0.69%. LME lead first declined and then rose, closing at 2038 dollars/ton, with a decline of 0.42%. [6] - In the spot market, the supply was abundant, and the demand was weak, resulting in sluggish trading. The inventory of recycled lead smelters was high, and some lead smelting enterprises would limit production due to smog warnings, which was expected to ease the shipping pressure of holders. [6] Industry News - On January 16, 2026, the domestic and foreign lead concentrate processing fees were 300 yuan/metal ton and - 145 dollars/dry ton respectively, with the average remaining unchanged from the previous week. [9] - Starting from April 14, 2026, the London Metal Exchange (LME) will no longer accept the warehousing registration of certain zinc and lead brands. [9] - On January 16, 2026, Fuyang, Anhui issued an orange warning, and local recycled lead smelters would reduce production by 50%. [9] Related Charts - The report provides multiple charts, including the prices of SHFE and LME lead, the Shanghai - London ratio, inventory situations, lead price spreads, waste battery prices, enterprise profits, production volumes, and social inventories, which help to comprehensively analyze the lead market. [10][14][16][18][20][23][24][26][29][30]