下游逐步放假，铅价维持震荡格局

1. Report's Industry Investment Rating - The investment rating is cautiously bearish [3] 2. Core View of the Report - Before the Spring Festival, the supply and demand in the lead market both decline. Logistics operations stop and enterprises go on holiday, leading to light trading. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, causing the lead price to fluctuate weakly [3] 3. Summary by Related Catalogs Market News and Important Data Spot Market - On February 11, 2026, the LME lead spot premium was -$50.95 per ton. The SMM 1 lead ingot spot price changed by 50 yuan/ton to 16,575 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium and discount remained unchanged at 0.00 yuan/ton. The SMM Guangdong lead spot price changed by 50 yuan/ton to 16,625 yuan/ton. The SMM Henan lead spot price changed by 25 yuan/ton to 16,575 yuan/ton. The SMM Tianjin lead spot premium and discount changed by 50 yuan/ton to 16,650 yuan/ton. The lead concentrate scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 9,875 yuan/ton, the price of waste white shells remained unchanged at 9,975 yuan/ton, and the price of waste black shells remained unchanged at 10,200 yuan/ton [1] Futures Market - On February 11, 2026, the main contract of Shanghai lead opened at 16,660 yuan/ton and closed at 16,740 yuan/ton, a change of 75 yuan/ton compared with the previous trading day. The trading volume throughout the trading day was 29,976 lots, a change of -28,124 lots compared with the previous trading day. The position throughout the trading day was 38,060 lots, a change of -4,235 lots compared with the previous trading day. The intraday price fluctuated, reaching a maximum of 16,770 yuan/ton and a minimum of 16,635 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,775 yuan/ton and closed at 16,750 yuan/ton, a 0.09% increase compared with the afternoon closing price of the previous day [2] Inventory - On February 11, 2026, the total SMM lead ingot inventory was 50,000 tons, a change of 9,500 tons compared with the same period last week. As of February 11, the LME lead inventory was 232,950 tons, a change of 200 tons compared with the previous trading day [2] Strategy - Sell hedging operations can be carried out when the price returns above 16,900 yuan/ton, but the position should not be too heavy approaching the Spring Festival [3]