铅：缺乏驱动，低位震荡

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The lead market lacks driving forces and is in a low - level oscillation [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price and Volume Data: The closing price of the Shanghai lead main contract was 16,680 yuan/ton, up 0.18%; the closing price of the LME lead 3M electronic disk was 1,945 dollars/ton, up 0.75%. The trading volume of the Shanghai lead main contract was 40,968 lots, down 5,562; the trading volume of LME lead was 6,554 lots, up 779. The open interest of the Shanghai lead main contract was 61,083 lots, up 2,926; the open interest of LME lead was 173,848 lots, up 2,245 [1] - Premium and Discount Data: The premium of Shanghai 1 lead was - 40 yuan/ton, up 10; the LME CASH - 3M premium was - 47.77 dollars/ton, down 0.03. PB00 - PB01 was - 65 yuan/ton, up 5; the import premium was 90 dollars/ton, unchanged [1] - Profit and Loss Data: The spot import profit and loss of lead ingots was - 97.18 yuan/ton, down 44.26; the import profit and loss of Shanghai lead continuous three contracts was 323.85 yuan/ton, up 0.48. The comprehensive profit and loss of recycled lead was - 417 yuan/ton, down 19 [1] - Inventory Data: The inventory of Shanghai lead futures was 56,898 tons, up 298; the LME lead inventory was 284,875 tons, unchanged. The LME lead cancelled warrants was 4,600 tons, unchanged [1] 3.2 News - The relatively mild US inflation data and the IEA's record - high release of crude oil reserves failed to boost market sentiment. Trump tried to downplay the threat of mining in the Strait of Hormuz and hinted that the war would end soon, but the market still worried about the Middle East situation [1] - US inflation continued to cool down. The CPI in February increased by 2.4% year - on - year, and the core CPI increased by 2.5% year - on - year, the smallest increase in nearly five years [1] 3.3 Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral view, with the value range being an integer in the [-2, 2] interval [1]