2025 年 09 月 26 日 铅：库存持续下降，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 17090 | 0.15% | 伦铅 3M 电子盘收 | 2002.5 | 0.18% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 46256 | 2927 | 伦铅成交量（手） | 4762 | 174 | | （手） | | | | | | | 沪铅主力持仓量 | 62847 | 1776 | 伦铅持仓量（手） | 159664 | -466 | | （手） | | | | | | | 上海 1# 铅升贴水 | -10 | 0 | LME CASH-3M 升 | -40.08 | 2.05 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -30 | 5 | 进口升贴水（美 | ...

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - There is no clear core viewpoint explicitly stated in the content. Group 3: Summary of Related Catalogs Fundamental Tracking - **Price Changes**: The closing price of the main contract of Shanghai Zinc was 22,045 yuan/ton, up 0.85%; the closing price of LME Zinc 3M electronic disk was 2,922.5 dollars/ton, up 1.14% [1]. - **Trading Volume**: The trading volume of the main contract of Shanghai Zinc was 158,280 lots, an increase of 48,547 lots; the trading volume of LME Zinc was 10,392 lots, an increase of 1,957 lots [1]. - **Open Interest**: The open interest of the main contract of Shanghai Zinc was 131,286 lots, a decrease of 10,581 lots; the open interest of LME Zinc was 217,087 lots, an increase of 1,804 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was -55 yuan/ton, up 5 yuan/ton; the premium of LME CASH - 3M was 40 dollars/ton, unchanged [1]. - **Inventory Changes**: The inventory of Shanghai Zinc futures was 56,583 tons, a decrease of 774 tons; the inventory of LME Zinc was 43,800 tons, a decrease of 600 tons [1]. News - The annualized quarterly rate of the US GDP in the second quarter was revised up to 3.8%, the highest in nearly two years. The PCE price index was 2.6%. The upward revision was mainly due to unexpectedly strong consumer spending and a decline in imports, but inflation pressure was more stubborn than previously estimated [2]. Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [2][3].