国泰君安期货研究所·季先飞·首席分析师/有色及贵金属 组联席行政负责人 投资咨询从业资格号：Z0012691 日期：2025年12月21日 铅产业链周度报告 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 强弱分析：中性，价格区间：16800-17200元/吨 铅：供需双弱，价格震荡 五地铅总库存减少，绝对库存处于历史同期低位 0 5 10 15 20 25 01-02 01-12 01-22 02-05 02-19 03-03 03-14 03-26 04-08 04-19 05-05 05-16 05-28 06-09 06-20 07-02 07-14 07-25 08-06 08-18 08-29 09-10 09-23 10-09 10-21 11-01 11-13 11-25 12-06 12-18 12-30 万吨 五地总库存 2021 2022 2023 2024 2025 国内铅现货升水扩大 -200 -150 -100 -50 0 5 ...

1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the report. 2. Core Viewpoints of the Report - The lead market is characterized by an increase in recycled lead production and cautious demand, with prices expected to remain volatile. The strength - weakness analysis is neutral, and the price range is 16,900 - 17,400 yuan/ton. The total lead inventory in five regions has decreased, and the absolute inventory is at a historically low level for the same period [3][4]. - On the supply side, primary lead production is increasing as smelters resume from maintenance, and the spot import processing fee for 60% grade lead concentrate remains low. Recycled lead production is also expected to rise due to high profits and the resumption of production by some enterprises after routine maintenance [4]. - On the consumption side, large lead - acid battery enterprises are increasing production to meet year - end targets, but the market sentiment has become cautious due to the anti - dumping tax on Chinese automotive starting lead - acid batteries by an overseas cooperation committee. The domestic lead inventory in five regions has decreased on a weekly basis, and the current absolute inventory level is at a historically low level for the same period [7]. - In terms of trading strategies, for the unilateral strategy, it is recommended to operate within the range as lead prices are expected to remain volatile, and new long - position entrants should be cautious and pay attention to the profit changes of recycled lead. For the spread strategy, as domestic lead inventory continues to decline, attention can be paid to the term positive spread arbitrage opportunities [7]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Price and Spread**: The closing price of the SHFE lead main contract last week was 17,125 yuan/ton, with a weekly decline of 0.95%, and the night - session closing price was 17,035 yuan/ton, with a decline of 0.53%. The LME lead 3 - month contract was at 1,983.5 yuan/ton, with a decline of 1.27%. The LME lead spread, bonded area lead premium, and Shanghai 1 lead spot spread remained relatively stable. The spread between recycled lead and primary lead increased from - 50 to - 25 yuan/ton [8]. - **Trading Volume and Open Interest**: The trading volume of the SHFE lead main contract last Friday was 29,694 lots, a decrease of 14,814 lots from the previous week, and the open interest was 33,768 lots, a decrease of 11,176 lots. The trading volume of the LME S - lead 3 contract was 6,134 lots, a decrease of 512 lots, and the open interest was 142,000 lots, an increase of 6,194 lots [8]. - **Inventory**: The SHFE lead warehouse receipt inventory increased by 616 to 16,694 lots, the SHFE total lead inventory decreased by 2,508 to 32,227 lots, and the social inventory decreased by 3,100 tons. The LME lead inventory decreased by 8,800 tons, and the注销仓单 ratio decreased by 2.44% to 46.52% [8]. 3.2 Lead Supply - **Lead Concentrate**: The import volume, consumption, and production of lead concentrate have shown certain trends over the years. The profit of imported and domestic lead concentrates, as well as the import and domestic treatment charges (TC), have also changed. The lead concentrate operating rate has fluctuated [30][31]. - **Primary and Recycled Lead**: Primary lead production is increasing as smelters resume from maintenance. Recycled lead production is expected to rise due to high profits and the resumption of production by some enterprises after routine maintenance. The production and operating rates of primary lead, recycled lead, and their combined production have shown different trends over time [4][34][35]. - **Waste Batteries and Recycled Lead**: The raw material inventory of recycled lead smelting enterprises, the price of waste electric vehicle batteries, the cost and profit of recycled lead have all changed over time. The net import of refined lead, import and export volume of lead ingots, and import profit and loss have also shown corresponding trends [39][40][43]. 3.3 Lead Demand - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises, the finished product inventory days of battery enterprises and dealers, and the export volume of batteries have all changed over time [47]. - **End - Use Consumption**: The actual consumption of lead, as well as the monthly production volume of automobiles and motorcycles, have shown different trends over the years [49].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The lead market is currently in a state where primary lead smelters are in a concentrated maintenance phase, while the profit of secondary lead has expanded and production has increased rapidly. At the consumer end, large lead - acid battery enterprises are ramping up production at the end of the year, which is expected to continue to support lead prices. The lead price is expected to be volatile and bullish, with a price range of 17,150 - 17,500 yuan/ton, and the overall strength analysis is neutral. The total inventory of lead in five regions has decreased, and the absolute inventory is at a historically low level for the same period. [3][7] - In terms of trading strategies, for the unilateral strategy, it is recommended that existing long positions be retained, while new long positions should be entered with caution, and attention should be paid to the profit changes of secondary lead. For the spread strategy, as the domestic lead inventory continues to decline, attention can be paid to the term positive arbitrage opportunities. [7] 3. Summary According to Relevant Catalogs 3.1 Trading Aspect: Price, Spread, Inventory, Capital, Transaction, and Position - **Price**: The closing price of SHFE lead last week was 17,290 yuan/ton, with a weekly increase of 1.17%, and the closing price of the night session yesterday was 17,305 yuan/ton, with a night - session increase of 0.09%; the closing price of LmeS - lead3 last week was 2,005 US dollars/ton, with a weekly increase of 1.21% [8]. - **Spread**: The LME lead basis decreased by 7.21 to - 49.15; the bonded area lead premium remained unchanged at 95; the Shanghai 1 lead spot basis increased by 5 to 25; the secondary lead - primary lead spread decreased by 50 to - 50. The spread between the near - month and the first - consecutive contract increased by 25 to - 10 [8]. - **Inventory**: The SHFE lead warrant inventory decreased by 10,182 to 16,078 tons; the SHFE lead total inventory decreased by 3,064 to 34,735 tons; the social inventory decreased by 11,400 to 23,600 tons; the LME lead inventory decreased by 19,625 to 243,550 tons, and the proportion of cancelled warrants decreased by 3.80% to 48.95% [8]. - **Transaction and Position**: The trading volume of SHFE lead last Friday was 44,508 lots, an increase of 1,089 compared with the previous week, and the position was 44,944 lots, a decrease of 2,978 compared with the previous week; the trading volume of LmeS - lead3 last Friday was 6,646 lots, an increase of 1,366 compared with the previous week, and the position was 142,000 lots, an increase of 6,194 compared with the previous week [8]. 3.2 Lead Supply: Lead Concentrate, Waste Batteries, Primary Lead, and Secondary Lead - **Lead Concentrate**: The import volume, inventory, actual consumption, and production volume of lead concentrate from 2021 to 2025 are presented in the form of charts. The import TC and domestic TC of lead concentrate, as well as the profit of imported and domestic lead concentrates, are also shown. The lead concentrate operating rate from 2021 to 2025 is also provided [29][30][31]. - **Primary Lead and Secondary Lead**: The production volume and weekly operating rate of primary lead from 2021 to 2025 are presented. The production volume of primary lead + secondary lead and secondary lead, as well as the operating rate of secondary lead from 2021 to 2025 are also shown. The by - product output of silver and the price of 1 silver are presented, along with the price of 98% sulfuric acid in East China [33][34][36]. - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises from 2021 to 2025 is presented. The price of waste electric vehicle batteries, the cost and profit of secondary lead from 2021 to 2025 are also shown. The net import of refined lead, the monthly import volume of Chinese lead ingots, the import profit and loss, and the export volume of lead ingots from 2021 to 2025 are presented [39][40][43]. 3.3 Lead Demand: Lead - Acid Batteries and Terminal - **Batteries**: The operating rate of lead batteries from 2021 to 2025 is presented, along with the monthly finished - product inventory days of lead - battery enterprises and dealers. The export volume of batteries from 2021 to 2025 is also shown [47]. - **Consumption and Terminal**: The actual consumption volume of lead from 2021 to 2025 is presented, along with the monthly production volume of automobiles and motorcycles from 2021 to 2025 [49].

铅产业链周度报告 国泰君安期货研究所·季先飞·首席分析师/有色及贵金属 组联席行政负责人 投资咨询从业资格号：Z0012691 日期：2025年11月30日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铅：供应承压，但需求下滑，价格震荡 强弱分析：中性，价格区间：16800-17400元/吨 五地铅总库存减少，绝对库存处于历史同期低位 0 5 01-02 01-12 01-22 02-05 02-19 03-03 03-14 03-26 04-08 04-19 05-05 05-16 05-28 06-09 06-20 07-02 07-14 07-25 08-06 08-18 08-29 09-10 09-23 10-09 10-21 11-01 11-13 11-25 12-06 12-18 12-30 万吨 五地总库存 2021 2022 2023 2024 2025 国内铅现货升水扩大 -200 -150 -100 -50 0 50 100 ...

铅产业链周度报告 国泰君安期货研究所·季先飞·首席分析师/有色及贵金属 组联席行政负责人 投资咨询从业资格号：Z0012691 日期：2025年11月23日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铅：再生供应增加，且炒作题材弱化，价格偏弱震荡 强弱分析：中性，价格区间：16900-17400元/吨 沪铅12合约持仓库存比处于历史同期低位 0 5 10 15 20 25 01-02 01-12 01-22 02-05 02-19 03-03 03-14 03-26 04-08 04-19 05-05 05-16 05-28 06-09 06-20 07-02 07-14 07-25 08-06 08-18 08-29 09-10 09-23 10-09 10-21 11-01 11-13 11-25 12-06 12-18 12-30 万吨 五地总库存 2021 2022 2023 2024 2025 25 pb2412.shf pb2508.s ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The supply of primary lead is increasing, and the production of secondary lead is rapidly recovering. Consumption is temporarily stable, and the price is expected to fluctuate. The production of primary lead has increased, and secondary lead enterprises have large profits, leading to a rapid rise in production. Terminal consumption is temporarily stable, with an increase in the operating rate of battery factories and more raw material purchases. The lead price is expected to fluctuate, and short - volatility operations can be considered. With the increase in domestic lead inventory, the long domestic and short overseas arbitrage should be continued to hold [3][5]. Summary by Relevant Catalogs Trading Aspect: Price, Spread, Inventory, Capital, Transaction, and Position - **Price and Spread**: The closing price of the main Shanghai lead contract last week was 17,420 yuan/ton, with a weekly increase of 0.17%, and the closing price of the night session yesterday was 17,490 yuan/ton, with a night - session increase of 0.40%. The closing price of LmeS - Lead 3 last week was 2,012 US dollars, with a decrease of 0.64%. The LME lead spot premium has changed from - 26.48 to - 10.74, and the spread between near - month and consecutive - one contracts has changed from - 80 to - 60 [6]. - **Inventory**: The Shanghai lead warehouse receipt inventory increased by 258 to 21,903 tons, and the total Shanghai lead inventory increased by 2,583 to 38,582 tons. The social inventory increased by 2,000 to 31,800 tons, and the LME lead inventory decreased by 16,600 to 203,700 tons, with the注销仓单 ratio at 49.95% [6]. - **Transaction and Position**: The trading volume of the main Shanghai lead contract last week was 27,206 lots, a decrease of 21,113 lots compared with the previous week, and the position was 59,818 lots, a decrease of 8,366 lots. The trading volume of LmeS - Lead 3 was 10,307 lots, an increase of 4,935 lots, and the position was 142,000 lots, an increase of 6,194 lots [6]. Lead Supply: Lead Concentrate, Waste Batteries, Primary Lead, and Secondary Lead - **Lead Concentrate**: The production, import volume, and actual consumption of lead concentrate in China are presented in the data, and the inventory in Lianyungang shows certain fluctuations over the years. The import and domestic treatment charges of lead concentrate have changed, and the profit of lead concentrate smelting has also fluctuated [24]. - **Primary and Secondary Lead**: The production of primary lead has increased, and the weekly operating rate has shown different trends over the years. The production of secondary lead has also increased, and the operating rate has recovered. The by - product silver output and the price of sulfuric acid in the lead - smelting process are also presented [29][30]. - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises, the price of waste electric vehicle batteries, the cost and profit of secondary lead are shown in the data, and the net import and export volume of refined lead also have corresponding changes [36][40]. Lead Demand: Lead - Acid Batteries and Terminal - **Batteries**: The operating rate of lead - acid batteries has shown different trends over the years, and the monthly finished - product inventory days of battery enterprises and dealers are presented. The export volume of batteries also shows certain changes [44]. - **Consumption and Terminal**: The actual consumption of lead, the monthly production of automobiles and motorcycles are presented in the data, reflecting the terminal demand for lead [46].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply of lead is increasing while the demand is weak, which restricts the price increase. The strength - weakness analysis is neutral, and the price range is 17,200 - 17,800 yuan/ton. The total inventory of lead in five regions has decreased, and the absolute inventory is at a historically low level for the same period. The processing fee of lead concentrate remains weak [3][5][7]. - The primary lead production is under pressure, but the profit of secondary lead enterprises continues to expand, and the production increase expectation is strong. Consumption is gradually entering the off - season, and the enthusiasm of dealers to take delivery has decreased. The start - up rate of battery factories may decline, and raw material procurement may be restricted. The spot end's role in pushing up the price has weakened. It is recommended to hold long positions cautiously, and internal - external positive arbitrage can be carried out [7]. 3. Summary According to Relevant Catalogs 3.1 Transaction Aspect (Price, Spread, Inventory, Capital, Transaction Volume, Open Interest) - **Price and Spread**: The closing price of the main contract of Shanghai lead last week was 17,595 yuan, with a weekly increase of 3.05%. The closing price of the night session yesterday was 17,575 yuan, with a night - session decline of 0.11%. The LME lead cash - forward spread changed from - 41.85 to - 36.64, with a change of 5.21. The premium of lead in the bonded area remained unchanged at 112.5. The spot premium of Shanghai 1 lead changed from - 25 to - 10, with a change of 15. The spread between secondary lead and primary lead changed from - 50 to - 75, with a change of - 25 [8]. - **Inventory**: From October 16th to October 23rd, the domestic lead inventory decreased from 37,700 tons to 31,900 tons, still at a relatively low level for the same period in history. The SHFE lead warehouse receipt inventory decreased by 9,034 tons to 23,048 tons, the total SHFE lead inventory decreased by 5,368 tons to 36,333 tons, the social inventory decreased by 5,800 tons to 31,900 tons, and the LME lead inventory decreased by 15,025 tons to 235,375 tons [7][8]. - **Transaction Volume and Open Interest**: The trading volume of the main contract of Shanghai lead last week was 79,514 lots, an increase of 39,872 lots from the previous week. The open interest was 83,846 lots, an increase of 43,628 lots from the previous week. The trading volume of LME S - lead 3 was 4,991 lots, a decrease of 997 lots from the previous week, and the open interest was 142,000 lots, an increase of 6,194 lots from the previous week [8] 3.2 Lead Supply (Lead Concentrate, Waste Batteries, Primary Lead, Secondary Lead) - **Lead Concentrate**: The processing fee of lead concentrate continues to be weak. The spot import TC of 60% lead concentrate decreased to - 125 US dollars/ton this week. The import lead concentrate processing fee decreased from - 110 to - 125 US dollars/ton, and the import lead concentrate smelting profit decreased by 152 yuan/ton to - 1,850 yuan/ton. The domestic lead concentrate processing fee remained at 350 yuan/ton, and the domestic lead concentrate smelting profit remained at - 2,800 yuan/ton [5][7][8]. - **Primary Lead and Secondary Lead**: The primary lead production is under pressure, but the profit of secondary lead enterprises continues to expand, and the production increase expectation is strong. Some secondary lead enterprises in some regions are under maintenance due to environmental protection control, but the profit of primary lead has increased, and the supply of waste batteries is abundant. Secondary lead enterprises in Anhui have resumed production more [7]. 3.3 Lead Demand (Lead - Acid Batteries, End - Users) - **Lead - Acid Batteries**: Consumption is gradually entering the off - season. The enthusiasm of dealers to take delivery has decreased, the start - up rate of battery factories may decline, and raw material procurement may be restricted. The start - up rate of lead - acid battery enterprises in previous years is shown in the data, and the monthly finished - product inventory days of battery enterprises and dealers are also provided [7][46]. - **End - Users**: The actual consumption of lead in previous years is shown in the data, along with the monthly production of automobiles and motorcycles [48].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The lead market lacks obvious drivers, and prices are expected to fluctuate within the range of 16,900 - 17,500 yuan/ton. The total lead inventory in five regions has decreased, and the absolute inventory is at a historically low level for the same period [3]. - The processing fee for lead concentrate remains weak. The primary lead supply pressure is emerging, while demand shows a phased recovery. The price is expected to oscillate. On the supply side, primary lead production is under pressure, and the profit of secondary lead enterprises has recovered to a profitable level, increasing the expectation of resuming production. On the consumption side, it is gradually improving, with dealers showing good enthusiasm for receiving goods, and the finished - product inventory of battery factories remaining at a low level. In terms of unilateral trading, it is recommended to buy on dips or short volatility. In terms of spreads, the long - short position in the Shanghai lead term has decreased [5][7]. Summary by Related Catalogs Trading Aspect (Price, Spread, Inventory, Capital, Transaction, Position) - **Price and Spread**: The closing price of the Shanghai lead main contract last week was 17,075 yuan/ton, with a weekly decline of 0.38%. The LmeS - lead3 closed at 2018, with a weekly increase of 0.17%. The LME lead premium decreased by 3.63, the bonded area lead premium decreased by 2.5, the Shanghai 1 lead spot premium remained unchanged, and the secondary - primary lead spread decreased by 25 [8]. - **Inventory**: The Shanghai lead warehouse receipt inventory increased by 2014 to 32,082, the total Shanghai lead inventory increased by 1785 to 41,701, the social inventory increased by 800 to 37,700, and the LME lead inventory increased by 13,400 to 250,400 [8]. - **Transaction and Position**: The trading volume of the Shanghai lead main contract increased by 3334 to 39,642, and the position decreased by 4577 to 40,218. The trading volume of LmeS - lead3 decreased by 7579 to 5988, and the position increased by 6194 to 142,000 [8]. Lead Supply (Lead Concentrate, Waste Battery, Primary Lead, Secondary Lead) - **Lead Concentrate**: China's lead concentrate production, import volume, consumption, and other data are presented in the report. The processing fee (TC) of imported and domestic lead concentrates is also shown, and the lead concentrate processing fee remains weak. The lead concentrate production in 2025 shows a certain trend, and the inventory in Lianyungang also has corresponding changes [26][27]. - **Primary and Secondary Lead**: The production of primary lead and the combined production of primary and secondary lead in 2025 are presented. The weekly operating rate of primary lead and the production and operating rate of secondary lead also show corresponding trends. The profit of secondary lead smelting has recovered, and the production in many places has increased [31][32]. - **Waste Battery and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises, the price of waste electric vehicle batteries, the cost and profit of secondary lead are presented. The profit of secondary lead smelting is maintained at around 200 yuan/ton [38][39][41]. - **Import and Export**: The net import of refined lead, the monthly import volume of lead ingots, the import profit and loss, and the export volume of lead ingots are presented [42]. Lead Demand (Lead - Acid Battery, Terminal) - **Lead - Acid Battery**: The operating rate of lead - acid batteries, the monthly finished - product inventory days of lead - acid battery enterprises and dealers, and the export volume of batteries are presented. The consumption of lead - acid batteries is gradually improving, and the finished - product inventory of battery factories remains at a low level [46]. - **Terminal Consumption**: The actual consumption of lead, the monthly production of automobiles and motorcycles are presented, reflecting the terminal demand for lead [48].

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral, with a price range of 16,900 - 17,500 yuan/ton [3] 2. Core Viewpoints - The lead market shows both increasing supply and demand, and the price is expected to fluctuate within a range. The overall supply pressure of primary lead is significant, while the demand has a notable phased increase. The domestic lead inventory has decreased, reaching a historically low level for the same period. It is expected that the lead price will remain volatile, and it is advisable to buy on dips. The term spread arbitrage of SHFE lead can be temporarily held [7] 3. Summary by Relevant Catalogs 3.1 Trading Aspects - **Price and Spread**: The closing price of SHFE lead main contract last week was 17,140 yuan/ton, with a weekly increase of 0.18%. The closing price of the night session was also 17,140 yuan/ton, with no change. The LME lead 3-month contract had a closing price of 2,009 dollars/ton last week, a decrease of 0.35%. The LME lead cash-to-3-month spread was -38.22 dollars/ton last Friday, a change of -2.92 dollars/ton compared to the previous week. The spread between recycled lead and primary lead was -25 yuan/ton last Friday, an increase of 50 yuan/ton from the previous week [8] - **Inventory**: The total inventory of lead in five locations decreased, and the absolute inventory is at a historically low level for the same period. The SHFE lead warehouse receipt inventory decreased by 4,696 tons to 30,068 tons, and the total SHFE lead inventory decreased by 9,293 tons to 39,916 tons. The social inventory decreased by 9,500 tons to 36,900 tons, and the LME lead inventory decreased by 500 tons to 237,000 tons [3][8] - **Trading Volume and Open Interest**: The trading volume of SHFE lead main contract last week was 36,308 lots, a decrease of 12,967 lots compared to the previous week, and the open interest was 44,795 lots, a decrease of 15,867 lots. The trading volume of LME lead 3-month contract was 13,567 lots, an increase of 6,022 lots, and the open interest was 142,000 lots, an increase of 6,194 lots [8] 3.2 Lead Supply - **Lead Concentrate**: The processing fee of lead concentrate has been continuously weak. The weekly average spot import TC of 60% grade lead concentrate was -110 dollars/ton. The production of lead concentrate in China, its import volume, consumption, and the inventory in Lianyungang have shown different trends over the years [5][7][27] - **Primary and Recycled Lead**: The production of primary lead is under pressure, while the profit of recycled lead enterprises has recovered to a profitable level, and the expectation of resuming production has increased. After the maintenance of smelters in regions such as Henan and Inner Mongolia ended, they resumed production, and the operating rate of smelters increased marginally. With the continuous pressure on the price of waste batteries and the presence of smelting profits, some enterprises in regions such as Anhui and Inner Mongolia have started to resume production, and it is expected that the production of recycled lead will increase significantly in the later stage [7] 3.3 Lead Demand - **Lead-Acid Batteries**: The consumption of lead-acid batteries has improved, the finished product inventory is low, and the operating rate of lead-acid battery enterprises is at a high level for the year [7] - **End-Use Markets**: The actual consumption of lead has shown different trends over the years, and it is related to the production of end-use products such as automobiles and motorcycles [49]

Report Information - Report Title: Lead Industry Chain Weekly Report [1] - Analyst: Jixian Fei, Chief Analyst of Guotai Junan Futures Research Institute [2] - Date: September 28, 2025 [2] Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints - The primary supply pressure is significant, and the demand has a significant incremental increase in the short - term, which supports the short - term price. The production of primary lead is under pressure, and the profit of secondary lead enterprises has recovered to the profitable level. The consumption of lead - acid batteries has improved, and the operating rate of lead - acid battery enterprises has increased seasonally. [6] - From the perspective of supply and demand, domestic lead inventory has decreased from 67,600 tons on September 18th to 46,400 tons on September 25th. The ratio of long - position to inventory of the SHFE Lead 10 contract is relatively high, and the spot discount has continued to narrow. It is recommended that existing long positions be held, and new long positions should be cautious. Before the holiday, control the position. In terms of spreads, short - term consumption has improved, and enterprises' restocking has reduced inventory, so the SHFE lead calendar spread arbitrage can be held temporarily. [6] Summary by Directory 1. Transaction - related - **Price and Spread**: The closing price of the SHFE lead main contract last week was 17,110 yuan/ton, with a weekly decline of 0.23%. The closing price of the night session yesterday was 17,075 yuan/ton, with a decline of 0.20%. The LME lead 3 - month contract's closing price last week was 1,995.5 US dollars/ton, with a weekly decline of 0.37%. The LME lead cash - to - 3 - month spread increased by 4.65 US dollars/ton from the previous week. The Shanghai 1 lead spot premium increased by 5 yuan/ton from the previous week. [7] - **Inventory**: The SHFE lead warehouse receipt inventory decreased by 12,525 tons from the previous week to 34,764 tons. The SHFE lead total inventory decreased by 8,123 tons to 49,209 tons. The social inventory decreased by 21,200 tons to 46,400 tons. The LME lead inventory decreased by 875 tons to 219,425 tons, and the注销仓单 ratio increased by 0.20% to 10.09%. [7] - **Trading Volume and Open Interest**: The trading volume of the SHFE lead main contract last week was 49,275 lots, an increase of 13,300 lots from the previous week. The open interest was 60,662 lots, an increase of 27,919 lots from the previous week. The trading volume of the LME lead 3 - month contract was 4,919 lots, an increase of 1,192 lots from the previous week. The open interest was 142,000 lots, an increase of 6,194 lots from the previous week. [7] 2. Supply - related - **Lead Concentrate**: The production of lead concentrate in China, its import volume, actual consumption, and operating rate are presented in the report. The import TC of 60% grade lead concentrate spot has dropped to - 110 US dollars/ton this week, and the operating rate of primary lead smelting enterprises is under pressure. [6][27] - **Primary and Secondary Lead**: The production of primary lead and the combined production of primary and secondary lead are shown. The profit of secondary lead enterprises has recovered to the profitable level, and some enterprises in Anhui, Hubei and other regions have started to resume production. [6][32][33] - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises, the price of waste electric vehicle batteries, the cost and profit of secondary lead are included. The price of waste batteries has been under pressure, and smelting is profitable. [6][39][40] - **Import and Export**: The net import of refined lead, monthly import volume of lead ingots, import profit and loss, and export volume of lead ingots are provided. [43] 3. Demand - related - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises has increased seasonally, and large lead - acid battery enterprises have increased raw material procurement before the holiday. The monthly finished - product inventory days of lead - acid battery enterprises and dealers, as well as the export volume of batteries are also presented. [6][46] - **Consumption and End - Users**: The actual consumption of lead, the monthly output of automobiles and motorcycles are shown, reflecting the end - user demand for lead. [48]