Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core Viewpoints - The overall consumption is still sluggish, and it is difficult for the lead price to perform well. The lead price may fluctuate between 16,980 yuan/ton and 17,800 yuan/ton. Operators can conduct buy and sell hedging as needed within this range [1][4] Summary by Relevant Catalogs Market News and Important Data Spot - On January 13, 2026, the LME lead spot premium was -$43.63/ton. The SMM1 lead ingot spot price decreased by 75 yuan/ton to 17,175 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 0 yuan/ton. The SMM Guangdong lead spot price decreased by 75 yuan/ton to 17,225 yuan/ton, the SMM Henan lead spot price decreased by 100 yuan/ton to 17,175 yuan/ton, and the SMM Tianjin lead spot price decreased by 75 yuan/ton to 17,200 yuan/ton. The lead refined-scrap price difference remained unchanged at -150 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,075 yuan/ton, 10,200 yuan/ton, and 10,400 yuan/ton respectively [1] Futures - On January 13, 2026, the main contract of Shanghai lead opened at 17,480 yuan/ton and closed at 17,310 yuan/ton, a decrease of 130 yuan/ton compared to the previous trading day. The trading volume was 33,329 lots, a decrease of 5,038 lots compared to the previous trading day, and the open interest was 34,986 lots, a decrease of 5,327 lots compared to the previous trading day. The intraday price fluctuated, with a high of 17,495 yuan/ton and a low of 17,270 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,375 yuan/ton and closed at 17,435 yuan/ton, a 0.11% increase from the afternoon of the previous day. The SMM1 lead price decreased by 50 yuan/ton compared to the previous trading day. The downstream maintained rigid demand procurement, and the enthusiasm for stocking up at low prices was poor, resulting in a generally weak spot market [2] Inventory - On January 13, 2026, the total SMM lead ingot inventory was 26,000 tons, an increase of 6,300 tons compared to the same period last week. As of January 13, the LME lead inventory was 218,925 tons, a decrease of 1,275 tons compared to the previous trading day [3] Strategy - The downstream of the lead industry may experience a slight increase in production after the New Year's Day. However, some enterprises may consider reducing production or arranging holidays if orders remain sluggish. The supply of lead ore remains tight, and processing fees are still low. Therefore, the lead price is expected to fluctuate between 16,980 yuan/ton and 17,800 yuan/ton. Operators can conduct buy and sell hedging as needed within this range [4]

Core Viewpoint - The recent increase in lead prices is driven by a combination of macroeconomic factors, geopolitical tensions, and industry dynamics, leading to a positive outlook for the lead market [2]. Group 1: Market Performance - The Shanghai lead futures market saw an increase, with the main contract closing at 17,440 yuan per ton, up 125 yuan or 0.72% [1]. - The latest price for London lead is reported at 2,057.5 USD, an increase of 11 USD [1]. - The average price for domestic lead in the ccmn market rose to 17,400 yuan per ton, an increase of 150 yuan from the previous day [1]. Group 2: Supply and Demand Dynamics - The supply side is constrained by seasonal maintenance and slow release of new capacity, leading to limited growth in primary lead production [2]. - Recycled lead production is also affected by tight raw material supply and high costs, with some companies planning early holidays [2]. - The global visible inventory of lead has dropped to historical lows, increasing price sensitivity to supply disruptions or demand recovery [2]. Group 3: Industry Structure - The lead industry is characterized by a "tight upstream and stable downstream" structure, with profits concentrated in the resource sector due to tight supply and low processing fees [3]. - The midstream smelting sector faces increased competition and pressure from raw material costs and environmental regulations, leading to higher industry concentration [3]. - Downstream battery manufacturers are experiencing pressure on profit margins due to high raw material prices and elevated finished goods inventory [3]. Group 4: Market Outlook - Short-term support for lead prices is expected from improved macro sentiment, geopolitical risk premiums, low industry inventory, and tight supply conditions [4]. - Long-term price trends will depend on key variables such as the Federal Reserve's monetary policy, developments in geopolitical risks, and sustained demand growth in the energy storage sector [4]. - There is a need to be cautious of potential resistance from downstream sectors and changes in market sentiment following rapid price increases [4].

Core Viewpoint - The lead market is experiencing a slight upward trend in prices, influenced by macroeconomic factors and supply-demand dynamics, with expectations for short-term price increases [1][2][5]. Group 1: Price Movements - The Shanghai lead futures market saw a slight increase, with the main contract closing at 16,880 yuan per ton, up 70 yuan or 0.42% [1]. - The latest price for London lead is reported at 1,976 USD, an increase of 16 USD [1]. - The average price for 1 lead in the Changjiang market is reported at 16,860 yuan, up 20 yuan from the previous day [1]. Group 2: Macroeconomic Analysis - Global liquidity is at a critical turning point, with the US PCE inflation dropping to 2.5%, paving the way for potential interest rate cuts by the Federal Reserve [2]. - The Bank of Japan's recent interest rate hike marks a shift in the last remaining negative interest rate environment, impacting global capital flows and commodity pricing [2]. - The strong growth in China's electric vehicle sector continues to support structural demand for key metals like nickel, creating a complex interplay in macroeconomic factors [2]. Group 3: Supply Side Constraints - Supply tightness is not due to insufficient capacity but is shaped by costs, resources, and policy constraints, leading to a structural tightening in the market [3]. - Primary lead production is constrained by tight supply of lead concentrate and low processing fees, limiting growth in production capacity [3]. - The recycling of lead faces challenges due to structural tightness in waste battery supply and stricter environmental regulations, further reducing production capacity [3]. Group 4: Demand Side Challenges - The demand side lacks strong upward drivers, with lead-acid battery demand plateauing and facing ongoing pressure from lithium battery alternatives [4]. - Export markets are under pressure due to changing trade environments, failing to provide effective demand support [4]. - Overall demand is characterized as "rigid but lacking elasticity," indicating limited growth potential [4]. Group 5: Short-term Price Forecast - Short-term lead prices are expected to experience a strong corrective trend, with a higher probability of price increases in the near term [5].

Core Viewpoint - The lead market is experiencing a mixed impact from macroeconomic and fundamental factors, leading to a volatile trading environment with no clear direction [2] Macroeconomic Analysis - The lead price is influenced by a combination of macroeconomic expectations and industrial realities, with external factors like a weakening dollar providing some support for metal prices [2] - Domestic policies aimed at expanding demand are expected to marginally boost traditional sectors such as automotive battery replacements and electric two-wheeler consumption, stabilizing demand expectations [2] - Concerns over slowing growth in major overseas economies are suppressing risk appetite for industrial commodities, while insufficient domestic capital activity indicates a delayed transmission of policy signals to actual consumption recovery [2] Supply Side Analysis - The supply side is facing a complex situation of recovery and multiple constraints, with some domestic smelters resuming production post-maintenance, while northern mines are reducing output due to seasonal factors [3] - The supply of lead concentrate remains tight, and processing fees are operating at low levels [3] - The recovery of recycled lead supply is cautious, with improved raw material arrivals but limited by cold weather affecting battery collection and ongoing environmental regulations restricting capacity [3] - Overseas visible inventories have recently increased, raising concerns about supply pressure, while domestic social inventories, although still low historically, are showing signs of marginal accumulation [3] Demand Side Analysis - Demand is characterized by structural differentiation, with core demand in traditional sectors still supported, particularly in the lead-acid battery industry, which is entering a production and sales push towards year-end [4] - Replacement demand for automotive starter batteries in northern regions and winter stockpiling by downstream enterprises are contributing to stable operating rates [4] - Emerging sectors such as energy storage and backup power are providing stable consumption support, but structural pressures remain, including the ongoing substitution of traditional lead-acid batteries by electric vehicles and a sluggish export market [4] - Downstream small and medium enterprises are adopting a cautious procurement approach, primarily purchasing based on immediate needs, which limits demand growth potential [4] Industry Chain Analysis - Different pressures are faced across the industry chain, with upstream benefiting from tight lead concentrate supplies and rising by-product prices, maintaining profit margins [5] - The midstream smelting sector is constrained by high raw material costs, resulting in narrow profit margins [5] - Downstream battery enterprises are struggling to pass on costs due to high finished goods inventories and intense competition, leading to a breakdown in price transmission mechanisms and increased operational pressures across the chain [5] - The recycled lead industry is continuously upgrading with a focus on efficient battery recovery, enhancing resource utilization while reshaping raw material supply structures [5] Leading Enterprises - Leading companies in the industry are consolidating their advantages through dual strategies of resource and technology development, with mining firms raising capital for expansion and recycling companies advancing new technologies to improve economic efficiency and establish environmental benchmarks [5] Short-term Price Outlook - The short-term supply-demand balance remains tight, and cautious macroeconomic sentiment is expected to keep lead prices in a downward trend [6]

1. Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] 2. Core View of the Report - The global lead concentrate market remains in a tight balance. Domestic TC is hovering at a low level, and the negative processing fee range for imported ores is expanding. Mines are reluctant to sell, forcing smelters to cut production passively. The operating rate of domestic primary lead smelters is only 60%, and smelters in Hunan and Yunnan are undergoing maintenance until January. Secondary lead production is limited due to the scarcity of waste battery supplies and limited profit recovery, resulting in insufficient overall supply elasticity. Although it is the off - season for lead - acid batteries on the demand side, social inventories have continuously declined to a two - year low, and the spot premium is firm, providing a buffer for prices. Additionally, the impending interest rate cut by the Federal Reserve may be beneficial to the entire non - ferrous metal sector. Therefore, it is recommended to buy on dips for hedging between 17,300 yuan/ton and 17,350 yuan/ton this week [3] 3. Summary by Related Catalog 3.1 Market News and Important Data 3.1.1 Spot Market - On December 9, 2025, the LME lead spot premium was -$51.57/ton. The SMM1 lead ingot spot price decreased by 100 yuan/ton to 17,100 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 17,125 yuan/ton, the SMM Henan lead price decreased by 75 yuan/ton to 17,125 yuan/ton, and the SMM Tianjin lead spot premium decreased by 75 yuan/ton to 17,125 yuan/ton. The lead concentrate - 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 9,900 yuan/ton, 10,075 yuan/ton, and 10,250 yuan/ton respectively [1] 3.1.2 Futures Market - On December 9, 2025, the Shanghai lead main contract opened at 17,310 yuan/ton and closed at 17,170 yuan/ton, a decrease of 170 yuan/ton from the previous trading day. The trading volume was 35,748 lots, a decrease of 2,313 lots from the previous trading day, and the open interest was 40,620 lots, a decrease of 2,487 lots from the previous trading day. The intraday price fluctuated, with a high of 17,345 yuan/ton and a low of 17,145 yuan/ton. In the night session, the Shanghai lead main contract opened at 17,125 yuan/ton and closed at 17,025 yuan/ton, a 1.22% decline from the afternoon closing price. According to SMM, the SMM1 lead price decreased by 100 yuan/ton from the previous trading day. In Henan, suppliers quoted a discount of 100 - 500 yuan/ton to the SHFE lead 2601 contract, and the discount narrowed slightly. In Hunan, smelters of deliverable brand lead quoted a premium of 0 - 25 yuan/ton to the SMM1 lead, and some traders sold at a discount of 20 - 40 yuan/ton to the SMM1 lead. As lead prices weakened, downstream buyers were somewhat hesitant, and some smelters were still reluctant to sell after their inventories declined, resulting in light trading in the spot market [2] 3.1.3 Inventory - On December 9, 2025, the total SMM lead ingot inventory was 21,000 tons, a decrease of 3,100 tons from the same period last week. As of December 9, the LME lead inventory was 236,925 tons, a decrease of 3,725 tons from the previous trading day [2] 3.2 Strategy - It is recommended to buy on dips for hedging between 17,300 yuan/ton and 17,350 yuan/ton this week [3]

1. Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] 2. Core Viewpoints of the Report - The global lead concentrate market remains in a tight balance, with domestic TC at a low level and the negative processing fee range for imported ores expanding. Mines are reluctant to sell, leading to a passive reduction in smelting output. The domestic primary lead production rate is only 60%, and smelters in Hunan and Yunnan are undergoing maintenance until January. Secondary lead production is limited due to a shortage of scrap battery supplies and limited profit recovery, resulting in insufficient overall supply elasticity [3] - Although it is the off - season for lead - acid batteries, social inventories have continuously declined to a two - year low, and the spot premium is firm, providing support for prices. Additionally, the impending interest rate cut by the Federal Reserve may be beneficial to the entire non - ferrous metal sector. Therefore, it is recommended to buy on dips for hedging between 17,300 yuan/ton and 17,350 yuan/ton this week [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On December 8, 2025, the LME lead spot premium was -$49.15/ton. The SMM 1 lead ingot spot price increased by 25 yuan/ton to 17,200 yuan/ton. The SMM Shanghai lead spot premium increased by 25 yuan/ton to 20.00 yuan/ton. The SMM Guangdong lead spot price remained unchanged at 17,225 yuan/ton, the SMM Henan lead spot price remained unchanged at 17,200 yuan/ton, and the SMM Tianjin lead spot premium remained unchanged at 17,200 yuan/ton. The lead concentrate - scrap spread remained unchanged at - 50 yuan/ton. The price of scrap electric vehicle batteries increased by 25 yuan/ton to 9,900 yuan/ton, while the prices of scrap white shells and black shells remained unchanged at 10,075 yuan/ton and 10,250 yuan/ton respectively [1] Futures Market - On December 8, 2025, the main SHFE lead contract opened at 17,340 yuan/ton and closed at 17,340 yuan/ton, up 50 yuan/ton from the previous trading day. The trading volume was 38,061 lots, a decrease of 6,447 lots from the previous trading day, and the open interest was 43,107 lots, a decrease of 1,837 lots. The price fluctuated during the day, with a high of 17,380 yuan/ton and a low of 17,275 yuan/ton. In the night session, the main SHFE lead contract opened at 17,310 yuan/ton and closed at 17,320 yuan/ton, down 20 yuan/ton from the afternoon close [2] - According to SMM, the SMM 1 lead price increased by 25 yuan/ton from the previous trading day. In Henan, suppliers offered discounts of 120 - 50 yuan/ton to the SHFE lead 2601 contract for ex - factory sales, and some large - discount supplies were sold. In Hunan, smelters of deliverable lead brands offered premiums of 0 - 25 yuan/ton to the SMM 1 lead price for ex - factory sales, while non - deliverable brands sold at discounts of 80 - 30 yuan/ton to the SMM 1 lead average price [2] Inventory - On December 8, 2025, the total SMM lead ingot inventory was 21,000 tons, a decrease of 3,100 tons from the previous week. As of December 8, the LME lead inventory was 239,825 tons, a decrease of 3,725 tons from the previous trading day [2] Strategy - The strategy is to be cautiously bullish. Given the current market situation, it is recommended to buy on dips for hedging between 17,300 yuan/ton and 17,350 yuan/ton this week [3]

1. Report Industry Investment Rating - The investment rating for the lead market is cautiously bearish [3] 2. Core View of the Report - The lead market shows a pattern of weak supply and demand. The supply of lead ore remains tight, and processing fees are at a low level. The operating rates of primary lead and recycled lead smelters are both low, with limited supply pressure. On the consumption side, it remains stable, and there are no strong signals of recovery. Due to possible large - order impacts, the lead price dropped significantly during trading, and it is recommended to short on rallies for now [3] 3. Summary by Relevant Catalog Market News and Important Data Spot Market - On November 26, 2025, the LME lead spot premium was -$35.57 per ton. The SMM 1 lead ingot spot price remained unchanged at 17,000 yuan per ton compared to the previous trading day. The spot premiums and discounts in different regions also remained unchanged. The lead scrap price differentials and waste battery prices also showed no change [1] Futures Market - On November 26, 2025, the Shanghai lead main contract opened at 17,065 yuan per ton and closed at 17,065 yuan per ton, up 20 yuan per ton from the previous trading day. The trading volume was 40,187 lots, down 309 lots from the previous day. The open interest was 49,033 lots, down 3,433 lots. During the night session, the contract closed at 16,845 yuan per ton, down 1.32% from the afternoon close. The lead price in Henan, Hunan, and Yunnan regions showed different pricing strategies, and downstream enterprises maintained rigid - demand procurement with a strong wait - and - see attitude and light trading volume [2] Inventory - On November 26, 2025, the total SMM lead ingot inventory was 37,000 tons, down 70 tons from the previous week. As of November 27, the LME lead inventory was 264,975 tons, up 400 tons from the previous trading day [2] Strategy - The lead market presents a situation of weak supply and demand. It is advisable to short on rallies for the lead price for the time being [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The main contract 2601 of Shanghai lead is expected to maintain a weak and volatile trend, with the attention range of 16,900 - 17,300 [4]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: As of November 20, the Shanghai lead futures showed a high - level decline this week. The Shanghai lead 2601 contract fell 1.91%. The weak US economic data and the gradual decline in market demand led to the high - level decline [4]. - **Market Outlook**: On the supply side, primary lead smelters are expected to fluctuate within a narrow range before the improvement of raw material supply. Secondary lead smelters' output is increasing. On the demand side, the lead - acid battery market has changed. The new national standard has opened up the market space for large - capacity lead - acid batteries, but it is difficult to maintain the improvement. From a macro perspective, the recent hawkish remarks of Fed officials have dampened market sentiment. It is expected that the Shanghai lead price will continue to fluctuate within a wide range next week [4]. 3.2 Futures and Spot Market - **Price and Ratio**: This week, the domestic and foreign futures prices of Shanghai lead declined, and the ratio weakened. As of November 20, 2025, the LME 3 - month lead futures price was $2,010.5 per ton, and the active contract of Shanghai lead was 17,220 yuan per ton. The Shanghai - London ratio was 8.57 [6][10]. - **Premium and Discount**: The domestic futures premium and foreign premium strengthened. As of November 20, 2025, the Chinese futures premium was - 75 yuan per ton, and the LME lead premium (0 - 3) was - $28.91 per ton [12][14]. - **Inventory and Warehouse Receipts**: Foreign lead inventories increased, domestic inventories decreased, warehouse receipt numbers increased, and overall lead inventories increased. As of November 20, 2025, the total lead inventory was 3.64 tons, a decrease of 0.45 million tons; the LME lead inventory was 264,650 tons, an increase of 42,175 tons. The number of Shanghai lead warehouse receipts was 30,556 tons, an increase of 4,732 tons [31][35]. 3.3 Industry Situation - **Supply Side** - **Production**: The operating rate of primary lead enterprises increased, and production rose. As of November 13, 2025, the average operating rate of primary lead in major producing areas was 71.37%, an increase of 1.82% from the previous week, and the weekly output was 38,700 tons, an increase of 400 tons from the previous week. The capacity utilization rate of secondary lead enterprises remained unchanged, and production increased. As of November 13, 2025, the domestic production of secondary lead in major producing areas was 27,000 tons, a month - on - month increase of 10,000 tons; the average capacity utilization rate was 55.99%, a month - on - month decrease of 0% [20][29]. - **Import and Export**: In September 2025, refined lead exports decreased significantly, and refined lead imports declined. The export volume of refined lead was 1,795 tons, a month - on - month decline of 43.62% and a year - on - year increase of 408.31%. The import volume of refined lead was 1,507.92 tons, a month - on - month decrease of 17.17% and a year - on - year decrease of 94.69% [37][39]. - **Demand Side** - **Processing Fees**: The domestic lead concentrate processing fees and imported ore processing fees remained flat. Currently, the shortage of lead ore is obvious, affecting production. As of November 13, 2025, the national average processing price of lead concentrate was 340 yuan per ton, and the average processing fee of imported lead concentrate (Pb60) was - $90 per thousand tons [41][43]. - **Automobile Sales**: In October 2025, the overall automobile sales increased. The sales volume of new energy vehicles increased significantly, and the lithium - for - lead process accelerated, leading to a decline in lead demand [45][48]. - **Recycling and Prices**: The recycling price of waste batteries was stable, the price of lead - antimony alloy decreased, the domestic demand gradually weakened, and lead recycling did not change much. As of November 20, 2025, the average price of waste lead (48V/20AH) in Zhejiang was 394 yuan per group, and the price of lead - antimony alloy in Shanghai was 19,330 yuan per ton [50][52].

1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy:暂缓 (No English equivalent provided in the context, so keeping it as is) [4] 2. Core View of the Report - Currently, the processing fee of lead concentrate remains low despite the rising by - product prices, and there are no significant contradictions in the fundamentals. Downstream enterprises are expected to fully recover from the holiday next week, mostly adopting a production - based - on - sales model. The lead price is expected to show a volatile pattern, roughly ranging from 16,920 yuan/ton to 17,300 yuan/ton [3] 3. Summary by Related Catalogs Market News and Important Data Spot - On October 13, 2025, the LME lead spot premium was - 38.22 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,925 yuan/ton compared to the previous trading day. SMM Shanghai lead spot premium remained unchanged at 0.00 yuan/ton, SMM Guangdong lead spot price decreased by 25 yuan/ton to 16,975 yuan/ton, SMM Henan lead spot price remained unchanged at 17,000 yuan/ton, and SMM Tianjin lead spot premium remained unchanged at 17,025 yuan/ton. The lead concentrate - scrap price difference remained unchanged at - 25 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,000 yuan/ton, the price of waste white shells increased by 25 yuan/ton to 10,125 yuan/ton, and the price of waste black shells increased by 25 yuan/ton to 10,375 yuan/ton [1] Futures - On October 13, 2025, the main contract of Shanghai lead opened at 17,160 yuan/ton, closed at 17,095 yuan/ton, a decrease of 45 yuan/ton compared to the previous trading day. The trading volume was 66,594 lots, an increase of 30,286 lots compared to the previous trading day. The position was 43,988 lots, a decrease of 807 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,290 yuan/ton and the lowest point reaching 17,085 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, a rise of 65 yuan/ton compared to the afternoon closing price of the previous day [1] Consumption and Inventory - The SMM1 lead price remained unchanged from the previous trading day. In Henan, holders offered at a discount of 130 - 60 yuan/ton to the SHFE lead 2511 contract; in Hunan, smelters offered at a premium of 0 - 25 yuan/ton to SMM1 lead or at a discount of 150 yuan/ton to the SHFE lead 2511 contract, and some traders offered at a discount of 30 yuan/ton to SMM1 lead; in Guangdong, smelters offered at a premium of 25 - 100 yuan/ton to SMM1 lead. Downstream consumption showed no improvement, and battery enterprises mainly made rigid - demand purchases, resulting in a dull trading in the spot market. On October 13, 2025, the total SMM lead ingot inventory was 36,000 tons, a decrease of 900 tons compared to the same period last week. As of October 13, the LME lead inventory was 237,000 tons, unchanged from the previous trading day [2]

Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] Core Viewpoints - The demand for downstream lead-acid batteries is showing signs of a slight recovery, while the supply of raw materials remains relatively tight. In September, several smelters are scheduled for maintenance, and it is highly likely that the Federal Reserve will cut interest rates. With the resonance of macroeconomic and fundamental factors, lead prices may gradually rise, with a fluctuation range of 16,960 yuan/ton to 17,320 yuan/ton [3] Summary by Relevant Catalogs Spot Market - On September 16, 2025, the LME lead spot premium was -$47.54 per ton. The SMM1 lead ingot spot price remained unchanged at 16,950 yuan/ton compared to 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 remained unchanged at 16,950 yuan/ton, the SMM Henan lead spot changed by 25 yuan/ton to 16,975 yuan/ton, and the SMM Tianjin lead spot premium remained unchanged at 17,000 yuan/ton. The lead concentrate scrap price difference remained unchanged at -75 yuan/ton. The prices of waste electric vehicle batteries, waste white shells, and waste black shells increased by 25 yuan/ton to 9,975 yuan/ton, 10,075 yuan/ton, and 10,350 yuan/ton respectively [1] Futures Market - On September 16, 2025, the main contract of Shanghai lead opened at 17,150 yuan/ton and closed at 17,055 yuan/ton, a decrease of 105 yuan/ton compared to the previous trading day. The trading volume was 54,978 lots, a decrease of 3,688 lots compared to the previous trading day, and the open interest was 45,095 lots, a decrease of 1,961 lots compared to the previous trading day. The intraday price fluctuated, with a high of 17,155 yuan/ton and a low of 17,005 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,075 yuan/ton and closed at 17,070 yuan/ton, a decrease of 0.06% compared to the afternoon close [2] Inventory - On September 16, 2025, the total SMM lead ingot inventory was 69,000 tons, an increase of 1,900 tons compared to the same period last week. As of November 28, the LME lead inventory was 227,850 tons, a decrease of 3,950 tons compared to the previous trading day [2]