2 月 5 日参议院金融稳定监督委员会听证会上，民主党参议员就消费者物价上涨及特朗普试图影响美联 储一事追问贝森特。经济学家警告，突然大幅降息虽能短期刺激市场，但可能致美元贬值、长期物价上 涨。周五亚市时段，美元指数在 97.90 附近窄幅震荡。此外，全球股市走弱、油价反弹，美伊谈判不确 定性大，地缘风险溢价提振金银避险需求，外盘金银反弹，市场厌恶情绪缓解，锌价跌势放缓。 产业方面，加拿大艾芬豪矿业正与刚果国有矿业公司及瑞士大宗商品贸易商深入商谈，拟将 Kipushi 矿 高品位锌精矿纳入美国"Project Vault"战略储备计划并运往美国。美伊周五会谈局势存变数，海外锌矿 供应扰动风险支撑锌价。国内锌精矿现货加工费低位，镀锌板企业多春节放假停产，样本平均放假 9.8 天，山东部分厂因订单亏损提前放假，预计社会库存持续增加，现货成交低迷，以长单交投为主，下游 备货结束询价积极性弱，今日成交以刚需为主，实际交投疲软。此外，节前资金减持需求，短期锌价承 压。 整体看，近期沪锌走势受宏观情绪及有色板块联动影响，且终端消费趋弱，预计锌价将继续区间震荡走 弱。 （长江有色金属网cjys.cn研发团队 0592-56 ...

Group 1 - The core viewpoint of the article highlights that the recent rise in lead prices is driven by macroeconomic easing expectations, interconnections within the non-ferrous sector, and geopolitical supply risks, particularly due to ongoing conflicts in the Democratic Republic of the Congo [1][2] - The supply side of the lead market is facing multiple constraints, including tight supplies of lead concentrate and scrap batteries, which are pushing up smelting costs, and limited production increases due to seasonal, environmental, and profit factors [1][2] - The demand side shows a robust and structurally growing landscape, with significant battery replacement needs from electric bicycles and vehicles, as well as expanding applications in the energy storage sector [2] Group 2 - The lead industry is currently in a tight balance, with low inventory levels acting as a key support for prices, as any supply disruptions or demand improvements can significantly impact price fluctuations [2] - Leading companies in the industry are demonstrating stable and positive performance, with new capacity gradually being released and efforts to optimize costs through resource recycling and increasing the proportion of recycled lead [2] - The current spot market for lead is showing strong trading activity, with tight supply and essential purchasing from downstream sectors providing a foundation for transactions, leading to expectations of a short-term upward price trend [2]