Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core Viewpoint - The lead market is currently in a pattern of weak supply and demand, and the lead price is expected to maintain a volatile range between 16,300 yuan/ton and 17,150 yuan/ton [4] Summary by Directory Market News and Key Data Spot Market - On August 11, 2025, the LME lead spot premium was -$31.29/ton. The SMM1 lead ingot spot price remained unchanged at 16,725 yuan/ton compared to the previous trading day. The lead prices in different regions showed varying changes, with the SMM Shanghai lead spot premium unchanged at -35.00 yuan/ton, the SMM Guangdong lead price unchanged at 16,800 yuan/ton, the SMM Henan lead price up 25 yuan/ton to 16,750 yuan/ton, and the SMM Tianjin lead spot premium up 50 yuan/ton to 16,775 yuan/ton. The lead refined-waste price difference remained unchanged at 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1] Futures Market - On August 11, 2025, the main contract of Shanghai lead opened at 16,850 yuan/ton and closed at 16,885 yuan/ton, up 40 yuan/ton from the previous trading day. The trading volume was 35,623 lots, up 4,615 lots from the previous trading day, and the open interest was 54,395 lots, down 4,728 lots from the previous trading day. The intraday price fluctuated, with a high of 16,950 yuan/ton and a low of 16,820 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,855 yuan/ton and closed at 16,890 yuan/ton, up 0.03% from the afternoon close [2] Inventory - On August 11, 2025, the total SMM lead ingot inventory was 70,000 tons, down 110,000 tons from the same period last week. As of August 11, the LME lead inventory was 265,800 tons, down 2,575 tons from the previous trading day [3] Strategy - The recommended option strategy is to sell a wide straddle [4]

Group 1: Report Industry Investment Rating - Absolute price: Cautiously bullish [3] - Option strategy: Sell puts Group 2: Core View of the Report - After a long - term sideways pattern, the current spot trading of lead is gradually improving, and there seems to be a chance for the peak - season demand to be gradually realized [3] Group 3: Summary by Related Catalogs Market News and Important Data - **Spot**: On August 6, 2025, the LME lead spot premium was -$41.92/ton. The SMM1 lead ingot spot price rose by 125 yuan/ton to 16,725 yuan/ton. Different regional lead spot prices and premiums also had corresponding changes. The lead scrap price differential remained unchanged at 25 yuan/ton, and scrap battery prices were stable [1] - **Futures**: On August 6, 2025, the Shanghai lead main contract opened at 16,750 yuan/ton, closed at 16,855 yuan/ton, up 80 yuan/ton. The trading volume was 48,645 lots, up 8,512 lots, and the position was 65,019 lots, down 7,064 lots. The night - session closing price rose 0.18% from the afternoon closing price [1] - **Inventory**: On August 6, 2025, the SMM lead ingot inventory was 72,000 tons, down 110,000 tons from last week. As of August 6, the LME lead inventory was 268,600 tons, down 4,375 tons from the previous trading day [2] Strategy - **Absolute price operation**: Temporarily focus on buying hedging on dips, with the recommended buying range at 16,600 - 16,650 yuan/ton [3]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The lead price is expected to show a mainly oscillating and moderately upward trend [4][35] Group 3: Summary by Directory 1. Market Review - Last week, the price of the main contract PB2509 of Shanghai lead futures showed a weak oscillating trend, ranging from around 16,615 yuan/ton to about 17,085 yuan/ton [9] - Last week, the price of LME lead futures contracts was around 1,961 - 2,037 US dollars/ton, showing an oscillating and weakening trend [13] 2. Spot Analysis - As of August 1, 2025, the average price of 1 lead in the Yangtze River non - ferrous market was 16,690 yuan/ton, a decrease of 140 yuan from the previous trading day. The spot prices in Shanghai, Guangdong, and Tianjin were 16,460 yuan/ton, 16,565 yuan/ton, and 16,480 yuan/ton respectively. The premium/discount of 1 lead was maintained at around a discount of - 150 yuan/ton, a decrease of 5 yuan/ton from the previous trading day [16] 3. Supply and Demand Situation - As of July 25, 2025, the average processing fees (factory - delivered prices) in Jiyuan, Chenzhou, and Gejiu were 400 yuan/metal ton, 300 yuan/metal ton, and 700 yuan/metal ton respectively. As of June 30, 2025, the monthly refined lead output was 660,000 tons, an increase of 11,000 tons from the previous month and a year - on - year increase of 3.1%. From a seasonal perspective, the current output is at a relatively high level compared to the past five years [22] 4. Inventory Situation - As of August 1, 2025, the refined lead inventory on the Shanghai Futures Exchange was 63,283 tons, an increase of 29 tons from the previous week. As of August 1, 2025, the LME lead inventory was 275,325 tons, a decrease of 1,175 tons from the previous trading day, and the proportion of cancelled warrants was 26.73% [28] 5. Fundamental Analysis - On July 30, 2025, the Federal Reserve announced that it would keep the target range of the federal funds rate unchanged between 4.25% and 4.5%, marking the fifth consecutive "standstill" in 2025. Global lead supply and demand are basically balanced, with both lead consumption and lead supply decreasing. Global lead mine production continues to grow. Lead processing fees have changed little and remain at a low level. Lead production has maintained year - on - year growth and ended the month - on - month decline. The Shanghai lead inventory has slightly increased, and the inventory level is at a moderate level in recent years. The LME lead inventory has decreased, and the inventory level is at a high level in recent years [3][34] 6. Future Outlook - The lead price is expected to show a mainly oscillating and moderately upward trend [4][35]

Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddle [5] Core Viewpoints - The current domestic lead ore supply is relatively tight, and smelters' willingness to purchase high-silver ore is also low, resulting in a situation of weak supply and demand. However, the energy storage battery sector is performing outstandingly, with the operating rates of related enterprises generally reaching 80 - 100% due to the support of demand from mobile base stations and data centers. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. The lead price is currently treated with a volatile mindset, with the Pb2506 contract ranging from 16,500 yuan/ton to 17,050 yuan/ton [4] Summary by Relevant Catalogs Market News and Important Data Spot - On July 31, 2025, the LME lead spot premium was -36.37 dollars/ton. The SMM1 lead ingot spot price decreased by 75 yuan/ton to 16,675 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 spot price decreased by 100 yuan/ton to 16,750 yuan/ton, the SMM Henan lead spot price decreased by 75 yuan/ton to 16,675 yuan/ton, and the SMM Tianjin lead spot premium decreased by 100 yuan/ton to 16,675 yuan/ton. The lead refined-scrap price difference remained unchanged at 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,250 yuan/ton, 10,175 yuan/ton, and 10,525 yuan/ton respectively [1] Futures - On July 31, 2025, the main contract of Shanghai lead opened at 16,885 yuan/ton and closed at 16,735 yuan/ton, a decrease of 155 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 53,359 lots, an increase of 16,041 lots compared to the previous trading day, and the position was 72,631 lots, an increase of 5,890 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 16,905 yuan/ton and the lowest point reaching 16,710 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,705 yuan/ton and closed at 16,650 yuan/ton, a decrease of 0.95% compared to the afternoon closing price of the previous day. The SMM1 lead price decreased by 75 yuan/ton compared to the previous trading day. In Henan, suppliers quoted flat to the SMM1 lead average price or at a discount of 150 - 130 yuan/ton to the SHFE lead 2509 contract. In Hunan, smelters' quoted premiums continued to decline, with some delivery brand smelters being negotiated to a discount of 30 - 0 yuan/ton, and traders quoted at a discount of 120 yuan/ton to the SHFE lead 2509 contract. As the lead price fluctuated weakly, some smelters were reluctant to sell at low prices and maintained firm quotes, while others lowered premiums to sell. Downstream enterprises purchased on demand at low prices, and the spot market trading improved, but those with firm prices had difficulty in making transactions [2] Inventory - On July 31, 2025, the total SMM lead ingot inventory was 73,000 tons, an increase of 1,300 tons compared to the same period last week. As of July 31, the LME lead inventory was 276,500 tons, an increase of 125 tons compared to the previous trading day [3]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core View of the Report - The lead market currently has a situation where regional supply is relatively tight due to maintenance in some areas of primary lead production, but overall terminal demand has not shown significant improvement, and the reminder of peak - season demand is not obvious. However, under the overall positive macro - sentiment, lead prices in the non - ferrous metals sector may not experience a larger decline and are expected to maintain a volatile pattern, with the price range estimated to be between 16,400 yuan/ton and 17,050 yuan/ton [3] Summary by Related Content Market News and Key Data - **Spot Market**: On July 30, 2025, the LME lead spot premium was - 31.80 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16750 yuan/ton compared with the previous trading day. The lead spot premiums and prices in different regions also changed. The lead scrap price difference remained unchanged at 0 yuan/ton [1] - **Futures Market**: On July 30, 2025, the main contract of Shanghai lead opened at 16870 yuan/ton, closed at 16890 yuan/ton, down 10 yuan/ton from the previous trading day. The trading volume was 37318 lots, down 10660 lots from the previous day, and the holding volume was 66741 lots, up 2207 lots from the previous day. During the night session, the closing price was basically flat compared with the afternoon closing price [1] Supply and Demand and Inventory - **Supply and Demand**: The lead price fluctuated weakly, and downstream procurement was mainly for rigid needs. The transaction in the spot market remained relatively light. In different regions, the quotation premiums of lead suppliers varied, and some smelters had difficulties in high - premium transactions or stopped quoting due to inventory exhaustion [2] - **Inventory**: On July 30, 2025, the total SMM lead ingot inventory was 72,000 tons, an increase of 300 tons compared with the same period last week. As of July 30, the LME lead inventory was 276,375 tons, an increase of 6025 tons compared with the previous trading day [2] Strategy - **Price Strategy**: The lead price is expected to maintain a volatile pattern, with the price range estimated to be between 16,400 yuan/ton and 17,050 yuan/ton [3] - **Option Strategy**: Sell a wide - straddle option strategy [3]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views - For copper, the current demand is seasonally weak due to the downstream off - season and weakened trans - shipment motivation, but the balance will be tight after August. The annual apparent demand is expected to be in the range of 4.8% - 5.5%. A short - term cautious but long - term bullish view is maintained on Shanghai copper, and virtual inventory can be considered for establishment in the third quarter [1]. - For aluminum, supply increased slightly from January to May, and August is a seasonal off - season for demand. Inventory may continue to accumulate slightly in August. The short - term fundamentals are okay, and attention should be paid to demand, as well as far - month and inside - outside reverse arbitrage opportunities under the low - inventory pattern [1][2]. - For zinc, the price fluctuated narrowly this week. Supply is expected to increase, demand is seasonally weak, and inventories at home and abroad show different trends. Short - term suggestions are to wait and see, pay attention to commodity sentiment, and manage positions. Inside - outside positive arbitrage can be held, and attention can be paid to month - spread positive arbitrage opportunities [5]. - For nickel, the supply of pure nickel remains high, demand is weak, and inventories at home and abroad are stable. The short - term fundamentals are average, and attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [6]. - For stainless steel, supply has been reduced, demand is mainly for rigid needs, costs are stable, and inventories have decreased slightly. The fundamentals are weak, and attention should be paid to policy trends [6][7]. - For lead, the price declined slightly this week. Supply and demand have small changes, and there are expectations of inventory accumulation. The price is expected to fluctuate between 16,800 and 17,500 next week [8][9]. - For tin, the price fluctuated widely. Supply may decline slightly in July - August, demand is weak, and the domestic market is in a situation of both supply and demand being weak. Short - term suggestions are to wait and see or short - sell lightly at high prices [12]. - For industrial silicon, the production of Hesheng may change the supply - demand balance. If the start - up rate does not recover significantly, the disk is expected to fluctuate. If the resumption of production accelerates, the supply will be in excess, and the price may decline [15]. - For lithium carbonate, the current situation is strong supply and demand, with significant inventory pressure in the intermediate links. The trading focus has shifted to potential supply disturbances. If the risks are resolved, the price may remain low and fluctuate [17]. 3. Summary by Metals Copper - **Market Data**: From July 23 to 29, the spot premium of Shanghai copper decreased from 180 to 110, and the warehouse receipt increased by 251. The spot import profit increased by 216.25, and the three - month import profit increased by 203.83 [1]. - **Analysis**: The demand is currently weak, but the balance will be tight after August. The annual apparent demand is expected to be in the 4.8% - 5.5% range. A short - term cautious but long - term bullish view is maintained, and virtual inventory can be considered for establishment in the third quarter [1]. Aluminum - **Market Data**: From July 23 to 29, the Shanghai aluminum ingot price decreased by 40, and the domestic alumina price increased by 1. The social inventory showed a small change, and the exchange inventory remained the same [1]. - **Analysis**: Supply increased slightly from January to May, August is a seasonal off - season for demand, and inventory may continue to accumulate slightly. The short - term fundamentals are okay, and attention should be paid to demand and arbitrage opportunities [1][2]. Zinc - **Market Data**: From July 23 to 29, the zinc price fluctuated narrowly. The domestic social inventory increased slightly, and the LME inventory decreased by 3,350. The import profit of Shanghai zinc increased [5]. - **Analysis**: Supply is expected to increase, demand is seasonally weak, and inventories at home and abroad show different trends. Short - term suggestions are to wait and see, pay attention to commodity sentiment, and manage positions. Inside - outside positive arbitrage can be held, and attention can be paid to month - spread positive arbitrage opportunities [5]. Nickel - **Market Data**: From July 23 to 29, the price of 1.5% Philippine nickel ore remained unchanged, and the price of Shanghai nickel decreased by 900. The import profit of spot nickel decreased by 660.34 [6]. - **Analysis**: The supply of pure nickel remains high, demand is weak, and inventories at home and abroad are stable. The short - term fundamentals are average, and attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [6]. Stainless Steel - **Market Data**: From July 23 to 29, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, and 430 cold - rolled stainless steel remained unchanged [6]. - **Analysis**: Supply has been reduced, demand is mainly for rigid needs, costs are stable, and inventories have decreased slightly. The fundamentals are weak, and attention should be paid to policy trends [6][7]. Lead - **Market Data**: From July 23 to 29, the spot premium of lead increased by 10, and the LME inventory increased by 6,700. The import profit of spot lead increased by 71.14 [8]. - **Analysis**: The price declined slightly this week. Supply and demand have small changes, and there are expectations of inventory accumulation. The price is expected to fluctuate between 16,800 and 17,500 next week [8][9]. Tin - **Market Data**: From July 23 to 29, the spot import profit of tin decreased by 2,016.08, and the LME inventory increased by 35. The LME C - 3M increased by 31 [12]. - **Analysis**: The price fluctuated widely. Supply may decline slightly in July - August, demand is weak, and the domestic market is in a situation of both supply and demand being weak. Short - term suggestions are to wait and see or short - sell lightly at high prices [12]. Industrial Silicon - **Market Data**: From July 23 to 29, the 421 Yunnan basis and 421 Sichuan basis changed, and the 553 East China basis and 553 Tianjin basis also changed. The number of warehouse receipts changed slightly [15]. - **Analysis**: The production of Hesheng may change the supply - demand balance. If the start - up rate does not recover significantly, the disk is expected to fluctuate. If the resumption of production accelerates, the supply will be in excess, and the price may decline [15]. Lithium Carbonate - **Market Data**: From July 23 to 29, the SMM electric - grade lithium carbonate price decreased by 750, and the SMM industrial - grade lithium carbonate price decreased by 700. The basis of the main contract increased by 1,530 [17]. - **Analysis**: The current situation is strong supply and demand, with significant inventory pressure in the intermediate links. The trading focus has shifted to potential supply disturbances. If the risks are resolved, the price may remain low and fluctuate [17].

Group 1: Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Group 2: Core Viewpoints of the Report - The lead market is currently in a situation where regional supply is relatively tight due to maintenance in some primary lead production areas, but overall terminal demand has not improved significantly, and the peak - season demand signal is not obvious. However, with the overall positive macro - sentiment, lead prices in the non - ferrous sector may not decline further and are expected to remain in a range of 16,400 yuan/ton to 17,050 yuan/ton [4] Group 3: Summary by Relevant Catalogs Spot Market - On July 29, 2025, the LME lead spot premium was - 27.31 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,775 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 spot price remained unchanged at 16,875 yuan/ton, the SMM Henan lead spot price decreased by 25 yuan/ton to 16,800 yuan/ton, and the SMM Tianjin lead spot premium remained unchanged at 16,800 yuan/ton. The lead refined - scrap price difference remained unchanged at - 25 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,250 yuan/ton, the price of waste white shells remained unchanged at 10,175 yuan/ton, and the price of waste black shells remained unchanged at 10,525 yuan/ton [1] Futures Market - On July 29, 2025, the Shanghai lead main contract opened at 16,985 yuan/ton and closed at 16,900 yuan/ton, down 15 yuan/ton from the previous trading day. The trading volume was 47,978 lots, down 24,548 lots from the previous trading day, and the open interest was 64,534 lots, down 6,012 lots from the previous trading day. The intraday price fluctuated, with a high of 17,015 yuan/ton and a low of 16,890 yuan/ton. In the night session, the Shanghai lead main contract opened at 16,870 yuan/ton and closed at 16,910 yuan/ton, down 0.21% from the afternoon close. The SMM1 lead price dropped 50 yuan/ton from the previous trading day. The domestic lead futures market was weakly volatile, and different regions had different pricing strategies. Lead prices continued to weaken, downstream demand was mainly for rigid needs, and the spot market was generally weak [2] Inventory - On July 29, 2025, the total SMM lead ingot inventory was 72,000 tons, an increase of 300 tons from the previous week. As of July 29, the LME lead inventory was 270,350 tons, an increase of 6,700 tons from the previous trading day [3] Strategy - The investment strategy for the lead market is neutral, and the option strategy is to sell a wide - straddle [4][5]

Report Industry Investment Rating - The report's investment rating for the lead industry is "Oscillation" [2] Core Viewpoints - This week, the lead price showed a range-bound oscillation, and the anti-involution sentiment had little driving force on lead. The supply side remained relatively stable, with the electrolytic lead operating rate steady and the secondary lead smelting still in a loss state due to cost support and scarce raw materials. The demand side improved slightly compared to last week as the low lead price prompted downstream enterprises to replenish stocks at low prices. However, the lead battery operating rate remained sluggish, and the demand was still weak in the short term. It is expected that the lead market will maintain an oscillatory trend in the short term [2] Summary by Relevant Catalogs Disk Review - This week, the lead price was in a range-bound oscillation, closing at 16,955 yuan per ton. The inventory of lead ingots in five domestic regions was 71,400 tons, and the LME inventory was 266,300 tons [1] Industrial Performance - Due to the resumption of production of a smelter in Anhui this week, the regional operating rate increased by 6.6 percentage points. A large secondary lead smelter in Inner Mongolia is in the furnace-drying stage and is expected to produce lead next week. From January to June 2025, the monthly average sequential growth rate of electric bicycles sold through the trade-in program was 113.5%, and the output of the top ten brands of electric bicycles increased by 27.6% year-on-year. A total of 846,500 electric bicycles were traded in and replaced each, and 82,000 sales outlets participated in the program, with an average increase in single-store sales of 302,000 yuan [1] Core Logic - This week, the lead price was in a range-bound oscillation, and the anti-involution sentiment had little impact on lead. On the supply side, there was little change, with the electrolytic lead operating rate remaining stable. Secondary lead was still in a loss state due to cost support and scarce raw materials. On the demand side, it improved compared to last week as the low lead price led to downstream restocking. However, the lead battery operating rate remained weak, and the demand was still weak in the short term. It is expected that the market will maintain an oscillatory trend [2] Nanhua's Viewpoint - The lead market is expected to be mainly oscillatory [2]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core View of the Report - The downstream备货 enthusiasm for lead is poor, and the lead price is oscillating weakly. The market for mainstream lead sources has relatively active inquiries, but the secondary lead market remains sluggish. The peak - season demand is not significantly evident, so the lead price is expected to maintain an oscillatory pattern. It is recommended to adopt a high - selling and low - buying strategy between 16,300 yuan/ton and 17,000 yuan/ton, and a short strangle option strategy [1][3] Summary According to Related Catalogs Market News and Important Data Spot Market - On July 24, 2025, the LME lead spot premium was - 25.21 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,700 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 40.00 yuan/ton, the SMM Guangdong lead spot price remained unchanged at 16,775 yuan/ton, the SMM Henan lead spot price decreased by 25 yuan/ton to 16,700 yuan/ton, and the SMM Tianjin lead spot premium decreased by 25 yuan/ton to 16,725 yuan/ton. The lead refined - scrap price difference remained unchanged at 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,225 yuan/ton, 10,150 yuan/ton, and 10,500 yuan/ton respectively [1] Futures Market - On July 24, 2025, the main contract of Shanghai lead opened at 16,910 yuan/ton and closed at 16,890 yuan/ton, up 40 yuan/ton from the previous trading day. The trading volume was 46,419 lots, a decrease of 23,791 lots from the previous trading day, and the position was 69,992 lots, an increase of 7,720 lots. During the day, the price oscillated, with a high of 16,945 yuan/ton and a low of 16,840 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,890 yuan/ton and closed at 16,865 yuan/ton, a 0.15% decrease from the afternoon session [1] Supply and Demand Situation - According to SMM, the SMM1 lead price dropped 25 yuan/ton from the previous trading day. In the Henan region, sellers offered at the SMM1 lead average price or at a discount of 100 yuan/ton to the SHFE lead 2509 contract. In the Hunan region, some smelters had low inventories, mainly fulfilled long - term contracts, and suspended spot sales or raised the premium to 100 - 150 yuan/ton above the SMM1 lead price, with actual transactions at a premium of 50 - 100 yuan/ton. In the Jiangxi region, sellers offered at a premium of 50 - 150 yuan/ton above the SMM1 lead price. In the Yunnan region, sellers offered at a discount of 240 - 170 yuan/ton to the SMM1 lead price. Due to the weak lead price, downstream buyers were cautious and hesitant, and as the end of the month approached, smelters' inventories decreased, and their enthusiasm for sales also declined, resulting in a dull market [2] Inventory Situation - On July 24, 2025, the total SMM lead ingot inventory was 71,000 tons, an increase of 100 tons from the previous week. As of July 24, the LME lead inventory was 269,325 tons, an increase of 6,175 tons from the previous trading day [2] Strategy - The recommended trading strategy is to buy low and sell high between 16,300 yuan/ton and 17,000 yuan/ton, and the option strategy is to sell a wide strangle [3]

Report Investment Rating - The investment rating for the lead industry is neutral [3] Core View - The market has a relatively high level of inquiry for mainstream lead products, but the trading volume of recycled lead remains low. As the demand during the peak season is not significantly evident, it is expected that the lead price will continue to fluctuate. It is recommended to adopt a strategy of selling high and buying low within the range of 16,300 yuan/ton to 17,000 yuan/ton [3] Summary by Directory Market News and Key Data - **Spot Market**: On July 22, 2025, the LME lead spot premium was -$25.97/ton. The SMM1 lead ingot spot price decreased by 75 yuan/ton to 16,725 yuan/ton. The SMM Shanghai lead spot premium decreased by 25 yuan/ton to -45 yuan/ton. The SMM Guangdong lead price decreased by 75 yuan/ton to 16,775 yuan/ton, the SMM Henan lead price decreased by 75 yuan/ton to 16,725 yuan/ton, and the SMM Tianjin lead price decreased by 75 yuan/ton to 16,750 yuan/ton. The lead refined scrap price difference remained unchanged at 0 yuan/ton. The price of scrap electric vehicle batteries decreased by 25 yuan/ton to 10,225 yuan/ton, while the prices of scrap white and black casings remained unchanged at 10,150 yuan/ton and 10,500 yuan/ton respectively [1] - **Futures Market**: On July 22, 2025, the main contract of Shanghai lead opened at 16,950 yuan/ton and closed at 16,900 yuan/ton, down 60 yuan/ton from the previous trading day. The trading volume was 34,982 lots, a decrease of 9,677 lots from the previous trading day, and the position was 41,631 lots, a decrease of 3,239 lots. The intraday price fluctuated, with a high of 16,990 yuan/ton and a low of 16,820 yuan/ton. During the night session, the main contract of Shanghai lead opened at 16,980 yuan/ton and closed at 16,930 yuan/ton, up 0.21% from the afternoon close [1] Market Supply and Demand - **Supply**: In the Henan region, some smelters have not fully resumed production, resulting in limited supply of scattered orders. Only some traders are offering quotes. In the Hunan region, smelters are firm in their quotes, while traders are offering discounts. In the Jiangxi and Yunnan regions, holders are also offering discounts [2] - **Demand**: The lead price is in a weak and fluctuating state. Downstream buyers are purchasing at low prices, but some enterprises are hesitant due to concerns about price declines, resulting in a generally sluggish market transaction volume [2] Inventory - On July 22, 2025, the total SMM lead ingot inventory was 71,000 tons, an increase of 2,300 tons from the previous week. As of July 22, the LME lead inventory was 262,500 tons, a decrease of 2,425 tons from the previous trading day [2] Strategy - **Futures Strategy**: It is recommended to sell high and buy low within the range of 16,300 yuan/ton to 17,000 yuan/ton [3] - **Options Strategy**: Sell a wide strangle [3]