1. Report Industry Investment Rating - The investment rating for the lead market is neutral [3] 2. Core View of the Report - The lead market presents a pattern of weak overseas and stable domestic conditions, with a game between supply and demand. Overseas lead prices have been dragged down by geopolitical factors to a nearly one - year low, while domestic lead prices have followed the decline but with a limited margin. The expanding losses of secondary lead and the destocking of primary lead factories provide phased support. There is a co - existence of high - pressure social inventory and downstream low - price restocking, and the opening of the import window brings an expectation of increased supply. Terminal demand is structurally differentiated, with bright orders in data centers but the civilian battery market entering the off - season. Next week, lead prices may decline first and then rebound, and downstream enterprises will maintain low - price just - in - time procurement. Investors should pay attention to the pace of social inventory destocking and the actual arrival of imported lead and operate with caution. It is expected that the lead price will range from 16,200 yuan/ton to 16,800 yuan/ton this week, and enterprises can conduct corresponding buy and sell hedging operations based on this range [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On March 25, 2026, the LME lead spot premium was - 35.03 US dollars/ton. The SMM1 lead ingot spot price increased by 50 yuan/ton to 16,325 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by - 25 yuan/ton to 0.00 yuan/ton. The SMM Guangdong lead spot price increased by 50 yuan/ton to 16,400 yuan/ton, the SMM Henan lead spot price increased by 50 yuan/ton to 16,350 yuan/ton, and the SMM Tianjin lead spot premium increased by 50 yuan/ton to 16,350 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton compared with the previous trading day. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,775 yuan/ton, the price of waste white shells remained unchanged at 9,875 yuan/ton, and the price of waste black shells remained unchanged at 10,100 yuan/ton [1] Futures Market - On March 25, 2026, the main contract of Shanghai lead opened at 16,420 yuan/ton, closed at 16,495 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume for the whole trading day was 57,581 lots, an increase of 8,292 lots compared with the previous trading day. The position for the whole trading day was 79,125 lots, a decrease of 5,853 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16,590 yuan/ton and the lowest point reaching 16,400 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,505 yuan/ton and closed at 16,490 yuan/ton, down 5 yuan/ton from the afternoon closing price of the previous day [2] Inventory - On March 25, 2026, the total SMM lead ingot inventory was 63,000 tons, a decrease of 14,500 tons compared with the same period last week. As of November 28, the LME lead inventory was 283,150 tons, a decrease of 200 tons compared with the previous trading day [2] Strategy - The investment rating for the lead market is neutral. For options, it is recommended to sell call options. Enterprises can conduct corresponding buy and sell hedging operations within the expected lead price range of 16,200 - 16,800 yuan/ton this week [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the latest data on the lead market, including price, trading volume, inventory, and other indicators, showing that lead inventory is stable and prices are fluctuating. It also mentions the performance of the US stock market and China's PMI data [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: The closing price of the Shanghai lead main contract was 16,840 yuan/ton, with a 0.00% change from the previous day; the closing price of the LME lead 3M electronic disk was 1,936.5 US dollars/ton, a -1.20% change [1]. - **Trading Volume**: The trading volume of the Shanghai lead main contract was 46,772 lots, a decrease of 6,889 lots; the trading volume of LME lead was 10,225 lots, an increase of 1,963 lots [1]. - **Open Interest**: The open interest of the Shanghai lead main contract was 59,776 lots, a decrease of 439 lots; the open interest of LME lead was 171,652 lots, a decrease of 1,623 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was -15 yuan/ton, unchanged; the LME CASH - 3M premium was -49.27 US dollars/ton, a decrease of 1.51 US dollars/ton [1]. - **Inventory**: The Shanghai lead futures inventory was 54,888 tons, unchanged; the LME lead inventory was 286,100 tons, unchanged [1]. - **Recycled Lead**: The price of recycled refined lead was 16,525 yuan/ton, a decrease of 50 yuan/ton; the comprehensive profit and loss of recycled lead was -356 yuan/ton, a decrease of 51 yuan/ton [1]. 3.2 News - **US Stock Market**: Strong US economic data and eased price pressure overshadowed the Middle East situation, leading to a rise in US stocks, with the Nasdaq rising more than 1% supported by technology stocks [2]. - **China's PMI**: China's official manufacturing PMI in February was 49, and the non - manufacturing PMI was 49.5. The RatingDog manufacturing PMI in February rose significantly to 52.1, with both domestic and foreign demand increasing, and the growth rate of new export orders reaching a new high in more than five years [2]. 3.3 Lead Trend Intensity The lead trend intensity is 0, indicating a neutral trend [2].

1. Report Industry Investment Rating - The investment rating is cautiously bearish [3] 2. Core View - The lead market shows a pattern of weak supply and demand around the Spring Festival, with continuously increasing inventory. There is a divergence in the operating rates of primary lead and secondary lead, and the secondary lead has been in a state of continuous losses. The consumption of terminal lead - acid battery enterprises has dropped to zero, and the social inventory has reached a new high in nearly 5 months. After the Spring Festival, the resumption of secondary lead production is earlier than the downstream inventory digestion, intensifying the supply - demand mismatch. The lead price is expected to maintain a volatile pattern [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On February 25, 2026, the LME lead spot premium was -$49.85/ton. The SMM1 lead ingot spot price remained unchanged at 16,525 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 100 yuan/ton to -50.00 yuan/ton. The SMM Guangdong lead spot price remained unchanged at 16,600 yuan/ton, and the SMM Henan lead spot price remained unchanged at 16,550 yuan/ton. The SMM Tianjin lead spot premium remained unchanged at 16,600 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries increased by 100 yuan/ton to 9,925 yuan/ton, the price of waste white shells increased by 100 yuan/ton to 10,075 yuan/ton, and the price of waste black shells increased by 75 yuan/ton to 10,275 yuan/ton [1] Futures - On February 25, 2026, the main contract of SHFE lead opened at 16,655 yuan/ton and closed at 16,735 yuan/ton, up 65 yuan/ton from the previous trading day. The trading volume for the whole trading day was 67,705 lots, an increase of 12,420 lots from the previous trading day. The positions for the whole trading day were 71,996 lots, an increase of 2,284 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 16,840 yuan/ton and the lowest point reaching 16,650 yuan/ton. In the night session, the main contract of SHFE lead opened at 16,715 yuan/ton and closed at 16,790 yuan/ton, up 0.27% from the afternoon close of the previous day. According to SMM, the SMM1 lead price remained unchanged from the previous trading day. In Henan, some suppliers offered discounts of 230 - 220 yuan/ton to the SHFE 2604 contract or 200 - 180 yuan/ton to the SHFE 2603 contract, with a small amount of low - price shipments. Some suppliers insisted on a discount of 150 yuan/ton to the 2604 contract. In Hunan, smelters sold at a premium of 20 yuan/ton to SMM1 lead to deal with the inventory during the Spring Festival holiday. In Guangdong, smelters offered a premium of 100 yuan/ton to SMM1 lead for ex - factory sales. After the Spring Festival, the downstream's enthusiasm for restocking was poor, mainly digesting the inventory reserved before the festival, and the market was in a wait - and - see mood [2] Inventory - On February 25, 2026, the total SMM lead ingot inventory was 64,000 tons, an increase of 10,100 tons compared with the same period last week. As of February 25, the LME lead inventory was 286,300 tons, a decrease of 25 tons from the previous trading day [2] Strategy - For the main contract of SHFE lead, it is recommended to sell high and buy low in the range of 16,350 - 16,900 yuan/ton. In the first week after the Spring Festival, it is recommended to mainly conduct sell - hedging on rallies, pay attention to the resistance level of 16,950 yuan/ton, and the support level is 16,300 yuan/ton. On the spot side, postpone inventory preparation and wait for the discount to expand to more than 200 yuan/ton before intervening. Focus on the downstream's resumption of work and inventory reduction rhythm after the Lantern Festival. For options, sell call options [3]

Report Industry Investment Rating - The investment rating is cautiously bearish [3] Core View of the Report - Before the Spring Festival, the supply and demand of the lead market both decline. Logistics stops operating and enterprises go on holiday, resulting in light trading. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3] Summary of Relevant Catalog Market News and Important Data Spot - On February 9, 2026, the LME lead spot premium was -$50.67/ton. The SMM 1 lead ingot spot price increased by 25 yuan/ton to 16,425 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to 0.00 yuan/ton. SMM Guangdong lead spot remained unchanged at 16,475 yuan/ton. SMM Henan lead spot increased by 25 yuan/ton to 16,400 yuan/ton. SMM Tianjin lead spot premium increased by 25 yuan/ton to 16,475 yuan/ton. The lead refined-scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,900 yuan/ton. The price of waste white shells decreased by 25 yuan/ton to 9,975 yuan/ton. The price of waste black shells decreased by 25 yuan/ton to 10,200 yuan/ton [1] Futures - On February 9, 2026, the main SHFE lead contract opened at 16,525 yuan/ton and closed at 16,585 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume for the whole trading day was 49,645 lots, a decrease of 775 lots from the previous trading day. The open interest for the whole trading day was 50,305 lots, a decrease of 1,722 lots from the previous trading day. The intraday price fluctuated, reaching a high of 16,665 yuan/ton and a low of 16,485 yuan/ton. In the night session, the main SHFE lead contract opened at 16,610 yuan/ton and closed at 16,690 yuan/ton, up 0.51% from the afternoon close of the previous day [2] Inventory - On February 9, 2026, the total SMM lead ingot inventory was 50,000 tons, a change of 9,500 tons from the previous week. As of February 9, the LME lead inventory was 232,750 tons, a decrease of 100 tons from the previous trading day [2] Strategy - The strategy is to be cautiously bearish. Before the Spring Festival, the supply and demand of the lead market both decline, with light trading due to logistics suspension and enterprise holidays. Inventory is transferred to social warehouses, and it is expected that inventory will accumulate significantly after the festival, leading to a weak and volatile lead price. Selling hedging operations can be carried out when the price returns above 16,900 yuan/ton, but positions should not be too heavy approaching the Spring Festival [3]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core Viewpoints - The downstream market has a strong wait - and - see sentiment, and the lead price maintains a volatile pattern. Although supply in some areas has decreased due to extreme weather, the demand for electric vehicle batteries has dropped significantly as the Spring Festival approaches, while the demand for automotive batteries is still acceptable. Some enterprises may start pre - festival inventory replenishment. The lead price is expected to rise slightly this week, with an overall operating range of 16,900 - 17,700 yuan/ton [1][4] Summary by Relevant Content Spot Market - On January 27, 2026, the LME lead spot premium was - 48.53 dollars/ton. The SMM1 lead ingot spot price decreased by 100 yuan/ton to 16,850 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 25.00 yuan/ton, the SMM Guangdong lead price decreased by 100 yuan/ton to 16,875 yuan/ton, the SMM Henan lead price decreased by 100 yuan/ton to 16,825 yuan/ton, and the SMM Tianjin lead spot premium decreased by 50 yuan/ton to 16,875 yuan/ton. The lead refined - scrap price difference remained unchanged at - 100 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,025 yuan/ton, 10,125 yuan/ton, and 10,300 yuan/ton respectively [1] Futures Market - On January 27, 2026, the Shanghai lead futures main contract opened at 17,115 yuan/ton and closed at 17,000 yuan/ton, a decrease of 70 yuan/ton from the previous trading day. The trading volume was 62,123 lots, an increase of 13,107 lots from the previous trading day. The持仓 volume was 60,800 lots, a decrease of 2,985 lots from the previous trading day. The intraday price fluctuated, with a high of 17,165 yuan/ton and a low of 16,945 yuan/ton. In the night session, the contract opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, a rise of 65 yuan/ton from the afternoon close. After the lead price weakened, the downstream's attitude towards purchasing was divided, some continued to wait and see due to fear of price drops, the smelter's inventory increased slightly, and the market trading was rather light [2] Inventory - On January 27, 2026, the total SMM lead ingot inventory was 35,000 tons, an increase of 700 tons from the same period last week. As of November 28, the LME lead inventory was 211,175 tons, a decrease of 1,575 tons from the previous trading day [3] Strategy - The overall investment strategy for lead is neutral, and the option strategy is to sell a wide - straddle [4]

1. Report Industry Investment Rating - Unilateral: Neutral [4] - Option: Sell wide straddle [4] 2. Core View of the Report - At the end of the year, the supply - demand weakness pattern of lead is more obvious. Driven by the overall rise of the non - ferrous sector, the demand in the off - season becomes weaker. It is expected that the lead price will fluctuate between 16,900 and 17,850 yuan in January 2026 [4] 3. Summary by Relevant Catalogs 3.1 Market News and Key Data 3.1.1 Spot - On January 7, 2026, the LME lead spot premium was -$38.60/ton. The SMM1 lead ingot spot price changed by 125 yuan/ton to 17,475 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 25 yuan/ton to 0.00 yuan/ton, the SMM Guangdong lead spot changed by 125 yuan/ton to 17,500 yuan/ton, the SMM Henan lead spot changed by 100 yuan/ton to 17,475 yuan/ton, and the SMM Tianjin lead spot premium changed by 125 yuan/ton to 17,525 yuan/ton. The lead refined - scrap price difference remained unchanged at - 125 yuan/ton compared with the previous trading day. The price of waste electric vehicle batteries changed by 25 yuan/ton to 10,050 yuan/ton, the price of waste white shells remained unchanged at 10,150 yuan/ton, and the price of waste black shells remained unchanged at 10,400 yuan/ton [1] 3.1.2 Futures - On January 7, 2026, the Shanghai lead main contract opened at 17,530 yuan/ton and closed at 17,830 yuan/ton, a change of 310 yuan/ton from the previous trading day. The trading volume was 83,341 lots, a change of 26,456 lots from the previous trading day. The position was 52,009 lots, a change of 1,009 lots from the previous trading day. The intraday price fluctuated, with a high of 17,860 yuan/ton and a low of 17,530 yuan/ton. In the night session, the Shanghai lead main contract opened at 17,725 yuan/ton and closed at 17,650 yuan/ton, a 0.23% decline from the afternoon close. The SMM1 lead price rose 125 yuan/ton from the previous trading day. In Henan, smelters' quotes were at a premium of 0 - 50 yuan/ton to SMM1 lead ex - factory, and traders' quotes were at a discount of 200 - 150 yuan/ton to the SHFE 2602 contract ex - factory. In Hunan, smelters' quotes were at a discount of 25 - 0 yuan/ton to SMM1 lead for rigid demand transactions, and traders' quotes were at a discount of 200 - 180 yuan/ton to the SHFE 2602 contract. In Guangdong, smelters' quotes were at a premium of 30 yuan/ton to the SMM1 lead average price ex - factory. In Yunnan, holders' quotes' discount narrowed to a discount of 300 - 280 yuan/ton to SMM1 lead ex - factory. Due to the continuous rise of lead prices, downstream enterprises were cautious in purchasing due to high prices, and the overall market trading was light [2] 3.1.3 Inventory - On January 7, 2026, the total SMM lead ingot inventory was 19,000 tons, a change of 600 tons from the same period last week. As of January 7, the LME lead inventory was 230,425 tons, a change of - 2,925 tons from the previous trading day [3]

Report Summary 1. Industry Investment Rating - No information provided 2. Core View - LME lead inventory decreased, which limited the price decline [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Price**: The closing price of SHFE lead main contract was 17,490 yuan/ton, down 0.37%; the closing price of LME lead 3M electronic disk was $1,999.5/ton, up 0.83% [1] - **Volume**: The trading volume of SHFE lead main contract was 84,769 lots, an increase of 26,000; the trading volume of LME lead was 3,806 lots, a decrease of 1,794 [1] - **Open Interest**: The open interest of SHFE lead main contract was 54,475 lots, a decrease of 1,083; the open interest of LME lead was 177,974 lots, a decrease of 181 [1] - **Premium and Discount**: The premium of Shanghai 1 lead was -25 yuan/ton, a decrease of 25; the LME CASH - 3M premium was -$37.81/ton, an increase of $4.49 [1] - **Import Profit and Loss**: The spot import profit and loss of lead ingots was 288.1 yuan/ton, an increase of 50.11; the import profit and loss of SHFE lead continuous third contract was 213.18 yuan/ton, an increase of 75.78 [1] - **Inventory**: The SHFE lead futures inventory was 11,583 tons, an increase of 25; the LME lead inventory was 244,275 tons, a decrease of 4,625 [1] - **Recycled Lead**: The price of recycled electric vehicle batteries was 9,950 yuan/ton, an increase of 25; the comprehensive profit and loss of recycled lead was 413 yuan/ton, an increase of 126 [1] 3.2 News - From January to November, the total profit of industrial enterprises above designated size in China was 6.62686 trillion yuan, a year - on - year increase of 0.1% (previous value 1.9%); the operating income was 125.34 trillion yuan, a year - on - year increase of 1.6% (previous value 1.8%). In November, the profit decreased by 13.1% year - on - year (previous value - 5.5%) [2] - Ukrainian President Zelensky planned to meet with US President Trump in Florida on the 28th to discuss security guarantees for Ukraine and some "sensitive" issues [2] - The lead trend strength was 0, indicating a neutral view [2]

Report Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core View - The non - ferrous sector is strong, driving up the lead price. The lead market shows a pattern of weak supply and demand. The price is expected to fluctuate between 16,950 yuan/ton and 17,600 yuan/ton [1][3] Market News and Key Data Spot - On December 4, 2025, the LME lead spot premium was - 43.64 dollars/ton. The SMM1 lead ingot spot price changed by 25 yuan/ton to 17,100 yuan/ton. Different regional spot prices and premiums also had corresponding changes [1] Futures - On December 4, 2025, the main contract of SHFE lead opened at 17,240 yuan/ton, closed at 17,245 yuan/ton, up 35 yuan/ton from the previous trading day. The trading volume was 37,288 lots, up 10,271 lots, and the position was 46,582 lots, down 45 lots. The night - session closed at 17,305 yuan/ton, up 0.70% from the afternoon close. The SMM1 lead price rose 25 yuan/ton. The price difference between futures and spot narrowed slightly, and the market trading was okay [2] Inventory - On December 4, 2025, the SMM lead ingot inventory was 24,000 tons, down 7,100 tons from last week. The LME lead inventory was 248,050 tons, down 5,100 tons from the previous trading day [2] Strategy - Absolute price: Maintain a neutral view. In the fourth quarter, the resumption of recycled lead production was less than expected, primary lead producers were reluctant to sell due to maintenance, and the industry chain maintained low inventory. The negative lead concentrate processing fee provided effective cost support. The battery production increased month - on - month but the terminal demand was average, and the closure of the import window weakened the overseas impact. The price is expected to fluctuate between 16,950 yuan/ton and 17,600 yuan/ton [3] - Option strategy: Sell wide straddle [3]

Report Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core View - In the fourth quarter, the resumption of secondary lead production fell short of expectations, and primary lead producers carried out maintenance and were reluctant to sell, resulting in low inventories in the industry chain. The negative processing fees for lead concentrates provided effective cost support. The operating rate of lead-acid batteries rebounded month-on-month, but the terminal demand was average. The closure of the import window reduced the impact from overseas. Overall, the lead market showed a pattern of weak supply and demand. Price fluctuations were expected to range between 16,950 yuan/ton and 17,600 yuan/ton [3] Market News and Key Data Spot Market - On December 2, 2025, the LME lead spot premium was -$41.63/ton. The SMM 1 lead ingot spot price increased by 75 yuan/ton to 17,050 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 25 yuan/ton. The SMM Guangdong lead spot price increased by 75 yuan/ton to 17,150 yuan/ton, and the SMM Henan lead spot price also increased by 75 yuan/ton to 17,050 yuan/ton. The SMM Tianjin lead spot premium increased by 75 yuan/ton to 17,050 yuan/ton. The lead concentrate scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 9,875 yuan/ton, 10,050 yuan/ton, and 10,225 yuan/ton respectively [1] Futures Market - On December 2, 2025, the main Shanghai lead futures contract opened at 17,145 yuan/ton and closed at 17,210 yuan/ton, up 135 yuan/ton from the previous trading day. The trading volume was 52,077 lots, an increase of 13,295 lots from the previous trading day. The open interest was 47,601 lots, an increase of 414 lots. The intraday price fluctuated, with a high of 17,230 yuan/ton and a low of 17,110 yuan/ton. In the night session, the main Shanghai lead futures contract opened at 17,170 yuan/ton and closed at 17,165 yuan/ton, down 0.09% from the afternoon close [2] Inventory - On December 2, 2025, the total SMM lead ingot inventory was 31,000 tons, a decrease of 4,300 tons compared to the same period last week. As of November 28, the LME lead inventory was 256,950 tons, a decrease of 2,300 tons from the previous trading day [2] Strategy Absolute Price Strategy - Neutral, with price fluctuations expected to range between 16,950 yuan/ton and 17,600 yuan/ton [3] Option Strategy - Sell wide straddle [3]

1. Report Industry Investment Rating - The strategy for the lead market is cautiously bearish [3] 2. Core Viewpoints - The lead market shows a pattern of weak supply and demand. The supply of lead ore is continuously tight, and the processing fee remains low. The operating rates of primary and secondary lead are both at low levels, resulting in limited supply pressure. The consumption side remains stable, with no strong recovery signals. Due to the impact of large orders in the market, the lead price once dropped significantly. In this situation, it is recommended to mainly short on rallies [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On November 27, 2025, the LME lead spot premium was -$40.08/ton. The SMM 1 lead ingot spot price decreased by 100 yuan/ton from the previous trading day to 16,900 yuan/ton. The SMM Shanghai lead spot premium decreased by 25 yuan/ton to 20.00 yuan/ton, the SMM Guangdong lead spot decreased by 75 yuan/ton to 17,000 yuan/ton, the SMM Henan lead spot decreased by 100 yuan/ton to 16,900 yuan/ton, and the SMM Tianjin lead spot premium decreased by 150 yuan/ton to 16,850 yuan/ton. The lead concentrate-scrap price difference remained unchanged at 0 yuan/ton. The price of scrap electric vehicle batteries decreased by 25 yuan/ton to 9,925 yuan/ton, the price of scrap white shells decreased by 25 yuan/ton to 10,050 yuan/ton, and the price of scrap black shells decreased by 50 yuan/ton to 10,250 yuan/ton [1] Futures - On November 27, 2025, the main contract of Shanghai lead opened at 17,060 yuan/ton and closed at 16,955 yuan/ton, a decrease of 110 yuan/ton from the previous trading day. The trading volume for the whole trading day was 57,305 lots, an increase of 17,118 lots from the previous trading day, and the position was 48,129 lots, a decrease of 904 lots from the previous trading day. The intraday price fluctuated, with a maximum of 17,075 yuan/ton and a minimum of 15,885 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,990 yuan/ton and closed at 16,980 yuan/ton, a 0.47% increase from the afternoon closing price of the previous day [2] Inventory - On November 27, 2025, the total SMM lead ingot inventory was 35,000 tons, a decrease of 2,000 tons from the same period last week. As of November 28, the LME lead inventory was 264,175 tons, a decrease of 800 tons from the previous trading day [2]