今日沪期铅走势：今日沪期铅小幅下跌，沪铅主力合约2603开盘报17115元，高点17165元，低点16945 元，结算价17035元，收盘17000元/吨，跌135元，跌幅0.79%。伦铅最新价报2035.5美元，跌0.5美元。 今日ccmn铅价统计，今日ccmn长江综合1#铅价报16910-17010元/吨，均价16960元，跌100元；广东现货 市场1#铅报16835-16935元/吨，均价16885元，跌125元。今日现货铅市场报价在16825-17010元/吨之 间，对比沪期铅2602合约贴水110-升水75元/吨，沪期铅2603合约贴水160-升水25元/吨。 ccmn铅市分析：今日国内现货铅价小跌，铅价急跌迎岁末 宏微观共振压估值，铅价承压的首要因素是 宏观情绪的转变。美国最新经济数据展现出超预期韧性，导致市场对美联储提前降息的乐观预期迅速降 温，美债收益率随之走高，这直接压制了包括铅在内的金属资产估值。同时，全球资金风险偏好出现结 构性分化，对新兴市场资产的谨慎态度加剧了有色金属板块的整体资金流出压力。今日长江现货市场铅 价震荡回调。 供应压力：冶炼复产与库存累积 供应端的宽松是价格下跌的基本面 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamentals of nickel have not improved, but due to the long - term decline in nickel prices and the recent shift in market macro - sentiment, a situation of weak reality and strong expectation has formed. It is expected that nickel prices will test the upper pressure in the near future [3]. - The fundamentals of stainless steel have not changed significantly. Similar to nickel, due to the long - term price decline and the shift in market macro - sentiment, it is expected that stainless steel prices will test the upper pressure in the near future [5]. Summary by Related Content Nickel Market - **Market Performance**: On July 22, 2025, the Shanghai nickel main contract 2508 opened at 123,310 yuan/ton and closed at 123,530 yuan/ton, a change of 1.51% from the previous trading day's close. The trading volume was 109,036 lots, and the open interest was 35,618 lots. The night - session opened with a gap - up and rose rapidly, then oscillated and declined after midnight. The day - session continued to oscillate and decline, and rebounded in the afternoon, closing with a long lower shadow yang line. The trading volume decreased slightly compared with the previous trading day, and the open interest increased [1][2]. - **Macro News**: Germany plans to invest 631 billion euros by 2028 to boost the economy. Brazil and the US may start a "tariff war". The EU is preparing to counter - attack. China's Ministry of Industry and Information Technology will implement a new round of stability - growth work plans for ten key industries including non - ferrous metals [2]. - **Spot Market**: Jinchuan nickel's morning quotation increased by about 700 yuan/ton compared with the previous trading day. The prices of mainstream brands in the market also increased accordingly. The spot premium mostly remained stable, while the premiums of Huayou and Sumitomo resources decreased slightly. Downstream enterprises mainly purchased on demand. Jinchuan nickel's premium was 0 - 2000 yuan/ton, imported nickel's premium was 0 - 350 yuan/ton, and nickel beans' premium was - 450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 22,093 (- 18.0) tons, and LME nickel inventory was 208,092 ( + 216) tons [2]. - **Strategy**: For nickel, the strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Stainless Steel Market - **Market Performance**: On July 22, 2025, the stainless steel main contract 2509 opened at 12,870 yuan/ton and closed at 12,930 yuan/ton. The trading volume was 192,092 lots, and the open interest was 124,058 lots. The night - session opened with a rapid rise and then oscillated horizontally. The day - session oscillated and declined, and recovered the morning's decline in the afternoon, closing with a long lower shadow yang line. The trading volume decreased compared with the previous trading day, and the open interest increased [3]. - **Supply and Demand News**: The 1.2 - trillion - yuan investment in Yajiang Hydropower is expected to drive stainless steel demand. In the Philippines, nickel ore resources will be sold in August, with a 1.3% FOB31 quotation, showing a month - on - month decline. In Indonesia, the tight supply of nickel ore has been alleviated due to the production cuts of local smelters. The domestic trade benchmark price in July (Phase II) decreased by 0.03 - 0.05 US dollars, with a basically flat month - on - month change. There was an obvious spread in the domestic trade premium, with transactions ranging from + 23 to + 28, but + 24 was still the mainstream premium. Some Indonesian nickel - iron production lines were converted to produce ferronickel, and some small smelters cut production. Some domestic smelters also shut down [3][4]. - **Spot Market**: The spot market's afternoon trading was significantly better than the morning's, and the spot price increased slightly. The stainless steel price in Wuxi and Foshan markets was 12,900 yuan/ton, and the 304/2B premium was 120 - 320 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 1.50 yuan/nickel point to 903.0 yuan/nickel point [4]. - **Strategy**: For stainless steel, the single - side strategy is neutral, and there are no strategies for inter - period, inter - variety, spot - futures, and options [5].