Report Summary 1. Report Industry Investment Ratings - For lead: Temporarily hold off on trading, take a wait - and - see approach [1] - For zinc: Try to go long at low prices with a light position [1] 2. Core Views - **Lead**: The average price of SMM1 lead ingots remained flat from the previous day, and the closing price of the main Shanghai lead contract rose 0.15%. The supply of lead concentrate imports has no expected increase, and the processing fee is likely to rise. Some refineries have maintenance plans, and the start - up of primary lead fluctuates slightly. The start - up of secondary lead is less than 30% due to factors such as raw materials and losses, resulting in a temporary tightening of supply. The terminal market shows no significant improvement, and the peak - season effect is not evident. It is expected that the lead price will remain high in the short term, but the upside space may be limited. [1] - **Zinc**: The average price of SMM1 zinc ingots rose 0.23% from the previous day, and the main Shanghai zinc contract rose 0.85%. Refineries have sufficient raw material stocks, and zinc ore processing fees are rising. The supply is showing an increasing trend, and the demand has slightly improved but may be affected by typhoon weather. Although the fundamentals of Shanghai zinc are weak, the low LME zinc inventory and the continuous back structure of LME 0 - 3 support the zinc price, and the downside space may be limited in the short term. [1] 3. Summary by Related Catalogs Lead - **Price and Market Data**: The SMM1 lead ingot average price is 16,950 yuan/ton with 0.00% change; the futures main contract closing price is 17,090 yuan/ton, up 0.15%; the Shanghai lead basis is - 140 yuan/ton, down 25 yuan; the LME 0 - 3 lead premium is - 36.80 dollars/ton, up 3.28 dollars; the futures active contract trading volume is 46,256 lots, up 6.76%; the futures active contract open interest is 62,847 lots, up 2.91%; the LME inventory is 219,550 tons with 0.00% change; the Shanghai lead warrant inventory is 35,584 tons, down 6.75%; the LME 3 - month lead futures closing price (electronic trading) is 2,009 dollars/ton, up 0.32%; the Shanghai - London lead price ratio is 8.51, down 0.18% [1] - **Industry News**: A large recycled lead refinery in Inner Mongolia has slow raw material inventory accumulation and plans to resume production after mid - October. Some large recycled lead refineries in Anhui have no pre - holiday resumption plans. On September 24, the [LME0 - 3 lead] was at a discount of 40.08 dollars/ton, and the open interest decreased by 468 lots to 160,130 lots [1] Zinc - **Price and Market Data**: The SMM1 zinc ingot average price is 21,800 yuan/ton, up 0.23%; the futures main contract closing price is 22,045 yuan/ton, up 0.85%; the Shanghai zinc basis is - 245 yuan/ton, down 135 yuan; the LME 0 - 3 zinc premium is 53.93 dollars/ton, down 5.71 dollars; the futures active contract trading volume is 158,280 lots, up 44.24%; the futures active contract open interest is 131,286 lots, down 7.46%; the LME inventory is 43,800 tons with 0.00% change; the Shanghai zinc warrant inventory is 56,583 tons, down 1.35%; the LME 3 - month zinc futures closing price (electronic trading) is 2,922.50 dollars/ton with 0.00% change; the Shanghai - London zinc price ratio is 7.54, up 0.85% [1] - **Industry News**: Kaz Mineral's zinc concentrate metal output in Q2 2025 was 11,100 tons, and the total in the first half of 2025 was 20,400 tons, a cumulative year - on - year decrease of 9%. As of September 25, the total inventory of zinc ingots in seven regions was 150,400 tons, a decrease of 8,000 tons from September 18 and 6,600 tons from September 22. On September 24, the [LME0 - 3 zinc] was at a premium of 59.64 dollars/ton, and the open interest decreased by 794 lots to 215,283 lots [1]