Report Industry Investment Rating - Not provided in the report Core Viewpoints - For the lead market, supply and demand are both increasing, with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to consolidate within a range [1] - For the zinc market, in the macro - environment, the "anti - involution" sentiment in China is fluctuating, US non - farm payroll data is below expectations, and the Fed's interest - rate cut expectation is strengthening. Fundamentally, both zinc ore and zinc ingot supplies are increasing, demand is in the off - season, and inventories are accumulating. However, the continuous decline in overseas LME zinc inventories provides some support. Short - term zinc prices are unlikely to drop significantly and are expected to consolidate within a range [1] Summary by Relevant Catalogs Lead Market Price and Spread - SMM1 lead ingot average price was 16,600 yuan/ton, down 0.60% [1] - Shanghai lead futures main contract closing price was 16,775 yuan/ton, up 0.15% [1] - Shanghai lead basis was - 175 yuan/ton, down 125 yuan [1] - LME 0 - 3 lead premium was - 41.92 dollars/ton, up 5.94 dollars [1] Trading Volume and Open Interest - Futures active contract trading volume was 40,133 lots, down 13.13% [1] - Futures active contract open interest was 72,083 lots, up 1.06% [1] - Trading volume to open interest ratio was 0.56, down 14.04% [1] Inventory - LME lead inventory was 272,975 tons, unchanged [1] - Shanghai lead warehouse receipt inventory was 58,656 tons, down 0.59% [1] News - On August 3, 2025, the Anhui Ecological Environment WeChat public account announced a campaign to collect clues on prominent problems in rural black - odorous water bodies and rural domestic sewage treatment facilities. This has affected Anhui's secondary lead smelting enterprises, with some refineries suspending production [1] Fundamental Analysis - Lead concentrate imports have no expected increase, and processing fees are likely to rise. Primary lead production is relatively stable. Secondary lead scrap battery prices are likely to rise, and some refineries have reduced or suspended production due to raw material shortages or cost - price inversions. Demand is expected to enter the peak season, but enterprises are pausing purchases for inventory checks this week [1] Zinc Market Price and Spread - SMM1 zinc ingot average price was 22,230 yuan/ton, up 0.59% [1] - Shanghai zinc futures main contract closing price was 22,380 yuan/ton, up 0.56% [1] - Shanghai zinc basis was - 150 yuan/ton, up 5 yuan [1] - LME 0 - 3 zinc premium was - 13.16 dollars/ton, down 2.29 dollars [1] Trading Volume and Open Interest - Futures active contract trading volume was 85,449 lots, down 26.17% [1] - Futures active contract open interest was 98,472 lots, down 4.14% [1] - Trading volume to open interest ratio was 0.87, down 22.98% [1] Inventory - LME zinc inventory was 92,275 tons, unchanged [1] - Shanghai zinc warehouse receipt inventory was 14,807 tons, down 0.67% [1] News - On August 5, Nyrstar received 135 million Australian dollars in transitional funding from the Australian federal, South Australian, and Tasmanian governments to support its smelters and key - metal development plans [1] Fundamental Analysis - Zinc smelters have sufficient raw material stocks, and zinc concentrate processing fees are rising. Refinery profits and production enthusiasm are improving, with obvious production increases. Downstream purchasing enthusiasm has improved, but end - demand is in the off - season and enterprise operations have declined [1]