Report Industry Investment Rating - The investment rating is cautiously bearish [3] Core View of the Report - Before the Spring Festival, the supply and demand of the lead market both decline. Logistics stops operating and enterprises go on holiday, resulting in light trading. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3] Summary of Relevant Catalog Market News and Important Data Spot - On February 9, 2026, the LME lead spot premium was -$50.67/ton. The SMM 1 lead ingot spot price increased by 25 yuan/ton to 16,425 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to 0.00 yuan/ton. SMM Guangdong lead spot remained unchanged at 16,475 yuan/ton. SMM Henan lead spot increased by 25 yuan/ton to 16,400 yuan/ton. SMM Tianjin lead spot premium increased by 25 yuan/ton to 16,475 yuan/ton. The lead refined-scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,900 yuan/ton. The price of waste white shells decreased by 25 yuan/ton to 9,975 yuan/ton. The price of waste black shells decreased by 25 yuan/ton to 10,200 yuan/ton [1] Futures - On February 9, 2026, the main SHFE lead contract opened at 16,525 yuan/ton and closed at 16,585 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume for the whole trading day was 49,645 lots, a decrease of 775 lots from the previous trading day. The open interest for the whole trading day was 50,305 lots, a decrease of 1,722 lots from the previous trading day. The intraday price fluctuated, reaching a high of 16,665 yuan/ton and a low of 16,485 yuan/ton. In the night session, the main SHFE lead contract opened at 16,610 yuan/ton and closed at 16,690 yuan/ton, up 0.51% from the afternoon close of the previous day [2] Inventory - On February 9, 2026, the total SMM lead ingot inventory was 50,000 tons, a change of 9,500 tons from the previous week. As of February 9, the LME lead inventory was 232,750 tons, a decrease of 100 tons from the previous trading day [2] Strategy - The strategy is to be cautiously bearish. Before the Spring Festival, the supply and demand of the lead market both decline, with light trading due to logistics suspension and enterprise holidays. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3]
新能源及有色金属日报：市场成交低迷，铅价难有持续靓丽表现-20260210
Hua Tai Qi Huo·2026-02-10 05:16