现货成交清淡情况不改，铅价难有良好表现

1. Report's Industry Investment Rating - The investment rating for the lead industry is neutral [3] 2. Core Viewpoints of the Report - The lead market stopped falling and stabilized this week, with inventory reduction and import impact coexisting. The approaching off - season suppresses consumption. It is recommended to conduct range - bound operations on SHFE lead, with the range of 16,300 - 16,850 yuan/ton. Enterprises with hedging needs can carry out corresponding buy and sell hedging operations at the upper and lower limits of the range [3] 3. Summary According to Relevant Catalogs 3.1 Spot Market - On March 31, 2026, the LME lead spot premium was -$31.20/ton. The SMM1 lead ingot spot price changed by 25 yuan/ton to 16,350 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 0 yuan/ton to 25.00 yuan/ton, the SMM Guangdong lead spot price changed by 0 yuan/ton to 16,400 yuan/ton, the SMM Henan lead spot price changed by 25 yuan/ton to 16,375 yuan/ton, and the SMM Tianjin lead spot premium changed by 25 yuan/ton to 16,400 yuan/ton. The lead refined - scrap price difference changed by 0 yuan/ton to -25 yuan/ton. The price of waste electric vehicle batteries changed by 0 yuan/ton to 9,750 yuan/ton, the price of waste white shells changed by 50 yuan/ton to 9,900 yuan/ton, and the price of waste black shells changed by 0 yuan/ton to 10,050 yuan/ton [1] 3.2 Futures Market - On March 31, 2026, the main SHFE lead contract opened at 16,510 yuan/ton and closed at 16,500 yuan/ton, a change of 5 yuan/ton from the previous trading day. The trading volume for the whole trading day was 40,498 lots, a change of -10,116 lots from the previous trading day. The position for the whole trading day was 60,663 lots, a change of -1,497 lots from the previous trading day. The intraday price fluctuated, with the highest reaching 16,530 yuan/ton and the lowest reaching 16,475 yuan/ton. In the night session, the main SHFE lead contract opened at 16,485 yuan/ton and closed at 16,495 yuan/ton, a 0.03% decrease from the afternoon close of the previous day [2] 3.3 Market Transactions - According to SMM, the SMM1 lead price rose by 25 yuan/ton compared with the previous trading day. In Henan, some large - discount goods had rigid - demand transactions, with suppliers quoting at a discount of 150 - 100 yuan/ton to the SHFE 2605 contract for ex - factory sales. In Hunan, smelters' price - holding sentiment eased, with scattered orders quoted at a premium of 50 yuan/ton to the SMM1 lead average price for ex - factory sales, and the trading weakened. Traders had difficulty in selling. In Jiangxi, smelters' enthusiasm for selling increased, and the quoted premium was lowered to a premium of 80 yuan/ton to the SMM1 lead average price for ex - factory sales. Near the end of the month and with weak downstream consumption, some battery enterprises postponed their procurement demand, and the spot market trading remained sluggish [2] 3.4 Inventory - On March 31, 2026, the total SMM lead ingot inventory was 58,000 tons, a change of -30 tons from the same period last week. As of March 31, the LME lead inventory was 281,700 tons, a change of -75 tons from the previous trading day [2]