策变化带来的新增影响。操作上建议，沪铅主力合约2506在17000元/吨附近轻仓做空，止损17300元/吨， 免责声明 注意操作节奏及风险控制。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 然没有波动，但是依旧维持低位，因此对于后续再生铅和原生铅复工起到了部分影响。综上所述，沪铅价 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 格短期可能受到去库影响小幅反弹，但反弹高度预计有限，后续依旧受到需求影响高位回落，注意关税政 沪铅产业日报 2025-05-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪铅主力合约收盘价(日,元/吨) | 16995 | 190 LME3个月铅报价(日,美元/吨) | 1981.5 | 37 | | | 06-07月合约价差:沪铅(日,元/吨) | -5 | -15 沪铅持仓量(日,手) ...

铅精矿加工费仍低位维持，富含计价金属价格波动较大，炼厂原料采买较谨慎；再生铅在原料偏紧及亏 损的背景下，安徽、江苏、江西等地炼厂减产，且新增产能延后投产，供应缩减。铅蓄电池企业开工小 幅恢复，但电池替换已步入尾声，经销商成品库存累计较多，存在库存压力。短期铅价基本面支撑较 强，宏观方面短期或暂无利好，铅价或震荡调整为主。 消息面 4月29日，伦敦金属交易所（LME）：铅注册仓单116625吨，注销仓单150650吨，减少3750吨；铅库存 267275吨，减少3750吨。 周二，上海市场驰宏铅16975-17005元/吨，对沪铅2505合约升水50-80元/吨；济金铅16925-16945元/吨， 对沪铅2505合约升水0-20元/吨；江浙地区金德铅报16925-16945元/吨，对沪铅2505合约升水0-20元/吨。 机构观点 中金财富期货： 4月29日，上期所沪铅期货仓单录得38398吨，较上一交易日增加427吨；最近一周，沪铅期货仓单累计 减少4348吨，减少幅度为10.17%；最近一个月，沪铅期货仓单累计减少24517吨，减少幅度为38.97%。 五矿期货： 铅矿库存录增，原生开工高企，废料库存有限， ...

Core Viewpoint - Lead prices experienced a rise followed by a decline, with the Shanghai lead index closing up 0.08% at 16,944 CNY/ton [1] Market Performance - As of last Friday, the London lead price increased by 12.5 to 1,950.5 USD/ton, with total positions at 148,500 lots [1] - The average price of SMM1 lead ingots was 16,875 CNY/ton, while recycled refined lead averaged 16,850 CNY/ton, resulting in a price difference of 25 CNY/ton [1] - The average price of waste electric vehicle batteries was 10,400 CNY/ton [1] Inventory and Supply - The Shanghai Futures Exchange recorded lead ingot futures inventory at 38,000 tons, while domestic social inventory decreased to 48,800 tons [1] - LME lead ingot inventory stood at 277,900 tons, with 161,300 tons in canceled warrants [1] - The cash-3S contract basis was -21.19 USD/ton, and the 3-15 price difference was -70.3 USD/ton [1] Production and Demand - The primary smelting operating rate was recorded at 66.23%, with primary ingot factory inventory at 13,000 tons [1] - Recycled lead inventory was 76,000 tons, with weekly production of recycled lead ingots at 38,000 tons and factory inventory at 19,000 tons [1] - The operating rate of lead-acid batteries was 73.56% [1] Market Outlook - Overall, lead ore inventory is increasing, primary production remains high, and scrap inventory is limited, leading to pressure on recycling profits and some reduction in output from recycling plants [1] - The lead ingot factory inventory accumulation is faster than previous years due to extended holidays [1] - The mid-term outlook for the Shanghai lead index is expected to fluctuate within the range of 16,300 to 17,800, with short-term lead prices showing a weak oscillation [1]