据长江有色金属网获悉，今日长江现货市场铅均价报17200元/吨 ，较前一日价格上涨150元，整体呈现 修复反弹趋势。 供应端现状：结构分化，再生铅收缩是主矛盾 宏观与价格趋势：多空交织，震荡修复 国内铅供应呈现 "原生稳、再生紧"的显著分化。原生铅方面，前期检修企业复产带动整体供应小幅增 加，但新增产能释放缓慢，且铅精矿加工费持续低位，限制了产量增长空间。供应收缩的核心在于再生 铅，其生产受制于冬季废电瓶回收量下滑、原料短缺以及环保政策，企业开工率持续低位，持货商囤货 惜售进一步加剧了原料紧张局面。库存方面，国内社会库存处于低位，对价格形成支撑，而LME库存 维持高位，凸显海外供需宽松，形成了"内低外高"的格局。 当前铅价呈现高位回落、低位震荡态势。宏观层面，年末资金收紧与海外美联储降息预期降温共同抑制 了市场情绪。国内政策维稳但驱动有限，需求旺季接近尾声，整体宏观面对价格支撑减弱。预计短期价 格核心区间在17000-17300元/吨，走势偏强。 需求端现状：刚性为主，整体增长动能不足 下游需求呈现 "基础稳、新增弱、出口降"的特点，整体表现平淡。传统铅酸蓄电池需求构成主要支 撑，其中汽车启动与替换需求相对稳 ...

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Market expectations for the Fed's interest rate cuts are inconsistent, and market risk appetite lacks sustainability. The fundamentals continue to show a pattern of a slight increase in supply but lower-than-expected demand. High inventory levels put pressure on lead prices, while the relatively stable supply-demand gap at the cost end provides support. There are few new contradictions in the short term, and lead prices are expected to fluctuate within a narrow range, with the integer resistance level above remaining effective [4][9]. 3. Summary by Section Transaction Data | Contract | 8/8 | 8/15 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Lead | 16,845 | 16,850 | 5 | Yuan/ton | | LME Lead | 2,003.5 | 1,981 | -22.5 | US dollars/ton | | SHFE - LME Ratio | 8.41 | 8.51 | 0.10 | - | | SHFE Inventory | 62,334 | 64,844 | 2,510 | Tons | | LME Inventory | 268,375 | 261,100 | -7,275 | Tons | | Social Inventory | 3.59 | 3.94 | 0.35 | Ten thousand tons | | Spot Premium | -150 | -155 | -5 | Yuan/ton | [5] Market Review - The price of the main SHFE lead contract PB2509 declined under pressure last week. The price rebounded but was blocked by the integer resistance level and then fell, closing at 16,850 yuan/ton, with a weekly increase of 0.03%. LME lead first rose and then fell, closing at 1,981 US dollars/ton, with a weekly decline of 1.12% [6]. - In the spot market, as of August 15, the price of lead in the Shanghai and Jiangsu - Zhejiang markets showed a downward trend. The inventory of LME decreased, while the SHFE inventory and social inventory increased. The delivery of the current - month contract led to an increase in inventory [7]. Industry News - As of August 15, the average domestic lead concentrate processing fee remained unchanged, while the average import ore processing fee decreased by 15 US dollars/ton compared to the previous period [10]. - Some lead - smelting enterprises in Henan may face air - quality environmental protection emergency control from August 26 to September 3, which may restrict vehicle transportation [10]. Related Charts The report provides multiple charts, including SHFE and LME lead prices, SHFE - LME ratios, inventory levels, lead price premiums and discounts, price differences between primary and secondary lead, waste battery prices, secondary lead enterprise profits, lead ore processing fees, electrolytic lead and secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [12][13][15][18][19][21][23][25].