1. Report Industry Investment Rating - The investment rating for the lead market is "Neutral" [4] 2. Core Viewpoint of the Report - The lead market shows a pattern of weak supply and demand. The supply of lead ore remains tight, and processing fees stay at a low level. The operating rates of primary lead and recycled lead smelting are both low, resulting in limited supply pressure. On the consumption side, it remains stable without a strong recovery signal. It is expected that the lead price will continue to fluctuate, roughly in the range of 17,000 - 17,700 RMB/ton [4] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On November 25, 2025, the LME lead spot premium was -$28.49/ton. The SMM 1 lead ingot spot price decreased by 75 RMB/ton to 17,000 RMB/ton compared to the previous trading day. The SMM Shanghai lead spot premium decreased by 25 RMB/ton to 0.00 RMB/ton. The SMM Guangdong lead spot price decreased by 75 RMB/ton to 17,075 RMB/ton, and the SMM Henan lead spot price also decreased by 75 RMB/ton to 17,000 RMB/ton. The SMM Tianjin lead spot premium decreased by 75 RMB/ton to 17,000 RMB/ton. The lead refined - scrap price difference remained unchanged at 0 RMB/ton compared to the previous trading day. The price of waste electric vehicle batteries decreased by 25 RMB/ton to 9,950 RMB/ton, the price of waste white - shell batteries decreased by 25 RMB/ton to 10,075 RMB/ton, and the price of waste black - shell batteries decreased by 25 RMB/ton to 10,300 RMB/ton [1] Futures Market - On November 25, 2025, the main SHFE lead contract opened at 17,115 RMB/ton and closed at 17,045 RMB/ton, a decrease of 90 RMB/ton compared to the previous trading day. The trading volume for the whole trading day was 40,496 lots, an increase of 2,076 lots from the previous trading day. The open interest for the whole trading day was 52,466 lots, a decrease of 422 lots from the previous trading day. During the day, the price fluctuated, reaching a maximum of 17,130 RMB/ton and a minimum of 17,010 RMB/ton. In the night session, the main SHFE lead contract opened at 17,065 RMB/ton and closed at 17,055 RMB/ton, a decrease of 0.06% compared to the afternoon closing price of the previous day. As reported by SMM, the SMM 1 lead price decreased by 75 RMB/ton compared to the previous trading day. Lead smelters in Henan mainly sold through long - term contracts, with few spot quotes. Traders' quotes were at a discount of 80 - 30 RMB/ton to the SHFE lead 2601 contract for ex - factory sales. As the lead price declined, the discount in traders' quotes gradually narrowed, and large - discount goods were traded. Lead smelters in Hunan generally held firm on prices. Branded lead was quoted at a premium of 50 RMB/ton to the SMM 1 lead, with some transactions from rigid - demand buyers. Traders' quotes were at a discount of 30 RMB/ton to the SHFE lead 2601 contract for ex - factory sales. Traders in Yunnan quoted at a discount of 250 - 200 RMB/ton to the average SMM 1 lead price for ex - factory sales. With the weak and fluctuating lead price, downstream enterprises maintained rigid - demand procurement, and their willingness to stock up at low prices was poor. The market was filled with a strong wait - and - see sentiment, and overall spot trading was light [2] Inventory - On November 25, 2025, the total SMM lead ingot inventory was 37,000 tons, a decrease of 700 tons compared to the same period last week. As of November 25, the LME lead inventory was 264,575 tons, an increase of 2,425 tons from the previous trading day [3] Strategy Overall Strategy - The overall strategy for the lead market is "Neutral" due to the weak supply - demand situation [4] Option Strategy - The option strategy recommended is to sell a wide strangle [5]

新能源及有色金属日报 | 2025-11-25 市场成交依然偏淡 铅价弱势运行 市场要闻与重要数据 现货方面：2025-11-24，LME铅现货升水为-22.41美元/吨。SMM1#铅锭现货价较前一交易日变化0元/吨至17075元/ 吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化-25元/吨至 17150元/吨，SMM河南铅现货较前一交易日变化-25元/吨至17075元/吨，SMM天津铅现货升贴水较前一交易日变化 0元/吨至17075元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化0元/吨至 9975元/吨，废白壳较前一交易日变化0元/吨至10100元/吨，废黑壳较前一交易日变化0元/吨至10325元/吨。 期货方面：2025-11-24，沪铅主力合约开于17195元/吨，收于17135元/吨，较前一交易日变化-30元/吨，全天交易日 成交38420手，较前一交易日变化-1713手，全天交易日持仓52888手，手较前一交易日变化-2218手，日内价格震荡， 最高点达到17230元/吨，最低点达到17115元/吨。夜盘 ...

1. Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddles [4] 2. Core View of the Report - The lead market has light trading volume, and the lead price continues to fluctuate. The lead price is constrained by weak demand and high inventory on the upside and supported by costs on the downside. In the short - term, it should be treated with a fluctuating mindset, and attention should be paid to the inventory depletion rhythm, with the range roughly between 17,000 yuan/ton and 17,850 yuan/ton [1][4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Spot Market - On November 19, 2025, the LME lead spot premium was -$28.21/ton. The SMM1 lead ingot spot price decreased by 50 yuan/ton to 17,100 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 15.00 yuan/ton. The SMM Guangdong lead spot price decreased by 50 yuan/ton to 17,175 yuan/ton, and the SMM Henan lead spot price also decreased by 50 yuan/ton to 17,100 yuan/ton. The SMM Tianjin lead spot premium decreased by 100 yuan/ton to 17,100 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 9,975 yuan/ton, 10,100 yuan/ton, and 10,325 yuan/ton respectively [1] 3.1.2 Futures Market - On November 19, 2025, the main SHFE lead contract opened at 17,225 yuan/ton and closed at 17,250 yuan/ton, up 20 yuan/ton from the previous trading day. The trading volume was 17,225 lots, a decrease of 8,860 lots from the previous trading day, and the open interest was 17,250 lots, a decrease of 5,231 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 17,265 yuan/ton and the lowest point reaching 17,170 yuan/ton. In the night session, the main SHFE lead contract opened at 17,300 yuan/ton and closed at 17,230 yuan/ton, up 0.09% from the afternoon closing price of the previous day. The SMM1 lead price decreased by 50 yuan/ton from the previous trading day. Henan lead smelters mainly focused on long - term contract deliveries, with few quotations for spot sales. Traders quoted a discount of 100 - 80 yuan/ton to the SHFE lead 2512 contract for ex - factory prices, and some quoted a discount of 120 - 130 yuan/ton. Hunan lead smelters had low inventories, with a premium of 20 - 30 yuan/ton to the SMM1 lead for a small amount of rigid demand transactions. Yunnan holders quoted a discount of 250 - 300 yuan/ton to the SMM1 lead for ex - factory prices. Downstream enterprises maintained rigid demand procurement, and the premiums of some local holders decreased. The spot market trading was light [2] 3.1.3 Inventory - On November 19, 2025, the total SMM lead ingot inventory was 39,000 tons, an increase of 3,700 tons compared with the same period last week. As of November 19, the LME lead inventory was 264,475 tons, a decrease of 325 tons from 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 is characterized by a co - existence of tight mine supply and differentiated consumption, with continuous inventory accumulation before delivery. The lead price is constrained by weak demand and high inventory on the upside and supported by cost on the downside. In the short term, it is expected to fluctuate, and attention should be paid to the inventory depletion rhythm. The price range is approximately between 17,000 yuan/ton and 17,850 yuan/ton [3] Summary by Related Catalogs Market News and Important Data Spot Market - On November 18, 2025, the LME lead spot premium was -$16.88/ton. The SMM1 lead ingot spot price decreased by 125 yuan/ton to 17,150 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium decreased by 25 yuan/ton to 15.00 yuan/ton, the SMM Guangdong lead spot price decreased by 100 yuan/ton to 17,225 yuan/ton, the SMM Henan lead spot price decreased by 125 yuan/ton to 17,150 yuan/ton, and the SMM Tianjin lead spot premium decreased by 125 yuan/ton to 17,200 yuan/ton. The lead refined - scrap price difference remained unchanged at -25 yuan/ton compared to the previous trading day. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,975 yuan/ton, the price of waste white shells decreased by 50 yuan/ton to 10,100 yuan/ton, and the price of waste black shells decreased by 75 yuan/ton to 10,325 yuan/ton [1] Futures Market - On November 18, 2025, the main contract of Shanghai lead opened at 17,365 yuan/ton and closed at 17,230 yuan/ton, a decrease of 125 yuan/ton compared to the previous trading day. The trading volume for the whole trading day was 55,068 lots, a decrease of 19,523 lots compared to the previous trading day, and the position was 69,126 lots, a decrease of 5,459 lots compared to the previous trading day. The intraday price fluctuated, with a maximum of 17,370 yuan/ton and a minimum of 17,215 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,225 yuan/ton and closed at 17,195 yuan/ton, a 0.49% decrease from the afternoon closing price of the previous day [2] - According to SMM, the SMM1 lead price decreased by 125 yuan/ton compared to the previous trading day. In Henan, holders quoted at a discount of 100 - 80 yuan/ton to the SHFE lead 2512 contract for ex - factory sales; in Hunan, lead smelters quoted at a premium of 20 - 30 yuan/ton to the SMM1 lead for ex - factory sales, but the trading was light; in Yunnan, holders quoted at a discount of 250 - 300 yuan/ton to the SMM1 lead. In the context of consecutive declines in lead prices, the purchasing attitudes of downstream enterprises varied. The trading was acceptable in the northern and eastern regions, while it was average in the southern regions [2] Inventory - On November 18, 2025, the total SMM lead ingot inventory was 39,000 tons, an increase of 3,700 tons compared to the same period last week. As of November 18, the LME lead inventory was 264,800 tons, an increase of 43,650 tons compared to the previous trading day [2] Strategy - The strategy for lead investment is to take a neutral stance. For options, a sell - wide - straddle strategy is recommended [3]

1. Report Industry Investment Rating - The investment rating of the lead industry is neutral [3] 2. Core View of the Report - The lead market is characterized by tight supply at the mine end and differentiated consumption, with continuous inventory accumulation before delivery. The lead price is constrained by weak demand and high inventory on the upside and supported by cost on the downside. In the short term, it is expected to fluctuate, with the price range roughly between 17,000 yuan/ton and 17,850 yuan/ton. For options, selling a wide straddle is recommended [3] 3. Summary by Section Market News and Important Data Spot Market - On November 17, 2025, the LME lead spot premium was -$23.09/ton. The SMM1 lead ingot spot price decreased by 150 yuan/ton to 17,275 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium decreased by 25 yuan/ton to 15.00 yuan/ton, the SMM Guangdong lead spot price decreased by 150 yuan/ton to 17,325 yuan/ton, the SMM Henan lead spot price decreased by 175 yuan/ton to 17,275 yuan/ton, and the SMM Tianjin lead spot premium decreased by 175 yuan/ton to 17,325 yuan/ton. The lead concentrate-scrap spread remained unchanged at -50 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 10,000 yuan/ton, while the prices of waste white shells and waste black shells remained unchanged at 10,150 yuan/ton and 10,400 yuan/ton respectively [1] Futures Market - On November 17, 2025, the main contract of Shanghai lead opened at 17,520 yuan/ton and closed at 17,355 yuan/ton, a decrease of 140 yuan/ton compared to the previous trading day. The trading volume was 74,591 lots, an increase of 37,245 lots compared to the previous trading day, and the open interest was 74,585 lots, an increase of 36,168 lots compared to the previous trading day. The intraday price fluctuated, with a high of 17,520 yuan/ton and a low of 17,310 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,345 yuan/ton and closed at 17,250 yuan/ton, a 0.83% decrease from the afternoon close [2] Inventory - On November 17, 2025, the total SMM lead ingot inventory was 39,000 tons, an increase of 3,700 tons compared to the same period last week. As of November 17, the LME lead inventory was 266,125 tons, an increase of 43,650 tons compared to the previous trading day [2] Strategy - Adopt a neutral strategy. Given the tight supply at the mine end, differentiated consumption, and continuous inventory accumulation before delivery, the lead price is expected to fluctuate in the short term. Pay attention to the inventory depletion rhythm, with the price range roughly between 17,000 yuan/ton and 17,850 yuan/ton. For options, selling a wide straddle is recommended [3]

Report Summary 1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] 2. Core View of the Report - Low inventory and tight ore supply support lead prices, but the resumption of secondary lead production, the decline in battery consumption, and the pressure of pre - delivery inventory transfer may cause the price to fall after rising. High - sell and low - buy strategies can be adopted, with the price range between 17,000 yuan/ton and 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations according to their own needs [3]. 3. Summary by Related Catalogs Market News and Important Data - **Spot**: On November 12, 2025, the LME lead spot premium was -$20.89/ton. The SMM1 lead ingot spot price increased by 25 yuan/ton to 17,325 yuan/ton compared with the previous trading day. Different regional spot prices and premiums also had corresponding changes [1]. - **Futures**: On November 12, 2025, the SHFE lead main contract opened at 17,485 yuan/ton, closed at 17,660 yuan/ton, up 220 yuan/ton from the previous trading day. The trading volume was 55,843 lots, an increase of 24,988 lots, and the holding volume was 50,539 lots, a decrease of 4,568 lots. The night - session closed at 17,365 yuan/ton, up 65 yuan/ton from the afternoon close. The SMM1 lead price rose 25 yuan/ton from the previous trading day. Downstream battery enterprises mainly took delivery through long - term contracts, and the market trading was fair [2]. - **Inventory**: On November 12, 2025, the SMM lead ingot inventory was 33,000 tons, an increase of 900 tons compared with last week. As of November 12, the LME lead inventory was 225,225 tons, a decrease of 1,500 tons from the previous trading day [2]. Strategy - **Absolute price strategy**: Adopt a high - sell and low - buy strategy in the price range of 17,000 yuan/ton to 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations [3]. - **Option strategy**: Sell wide straddle [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The research report analyzes the market conditions of various non - ferrous metals including copper, alumina, electrolytic aluminum, etc., and provides corresponding trading strategies based on macro - environment, supply - demand relationship, and cost - profit analysis [1][9][17] Group 3: Summary by Related Catalogs Copper - **Market Review**: The main contract of Shanghai copper 2512 closed at 86,840 yuan/ton, up 0.16%. Spot trading improved slightly, with different premiums in different regions [1] - **Important Information**: Weak ADP employment data in the US, potential end of government shutdown, and production changes in some copper mines [1] - **Logic Analysis**: Loose macro - environment, tight supply in the short - term, and demand supported by power grid tenders [2][4] - **Trading Strategy**: Wait - and - see for one - sided trading, long - term bullish; possible phased rebound in ratio for arbitrage; wait - and - see for options [5][6][7] Alumina - **Market Review**: The 2601 contract of alumina fell 5 yuan to 2,821 yuan/ton, and spot prices in different regions showed different trends [9] - **Related Information**: Procurement prices in different regions, government actions in Guinea, production capacity changes, and cost data [10][11][12] - **Logic Analysis**: Supply - demand surplus, expected reduction in production, but new investment pressure at the end of the year [14] - **Trading Strategy**: Short - term narrow - range rebound, beware of selling pressure; wait - and - see for arbitrage and options [15][16] Electrolytic Aluminum - **Market Review**: The 2601 contract of Shanghai aluminum rose 190 yuan to 21,880 yuan/ton, and spot prices in different regions increased [18] - **Related Information**: US economic data, government shutdown news, inventory changes, and production capacity changes [18][19][21] - **Trading Logic**: Loose macro - environment, tight overseas supply, and domestic demand with certain resilience [22] - **Trading Strategy**: Maintain a volatile and strong trend for one - sided trading; wait - and - see for arbitrage and options [23][24] Casting Aluminum Alloy - **Market Review**: The 2601 contract of casting aluminum alloy rose 175 yuan to 21,245 yuan/ton, and spot prices showed different trends [26] - **Related Information**: US economic data, cost - profit data, and changes in warehouse receipts [26][27] - **Trading Logic**: Loose macro - environment, tight waste aluminum supply, and cost support [30] - **Trading Strategy**: Aluminum alloy prices are strong along with aluminum prices; wait - and - see for arbitrage and options [31] Zinc - **Market Review**: The 2512 contract of Shanghai zinc fell 0.18% to 22,680 yuan/ton, and spot trading was cold [33] - **Related Information**: Processing fee guidance price, inventory changes, and production reduction expectations in mines and smelters [34][35] - **Logic Analysis**: Tight supply at the mine end, reduced smelter profits, and limited upward space [35] - **Trading Strategy**: Range - bound for one - sided trading; hold SHFE - LME arbitrage; wait - and - see for options [37] Lead - **Market Review**: The 2512 contract of Shanghai lead rose 0.97% to 17,660 yuan/ton, and spot trading was okay [39] - **Related Information**: Inventory changes, profit conditions of recycling enterprises, and supply of recycled lead [40] - **Logic Analysis**: Supply is recovering, demand is weakening, and prices are under pressure [41] - **Trading Strategy**: Short at high levels for one - sided trading; wait - and - see for arbitrage; sell out - of - the - money call options [42] Nickel - **Market Review**: The main contract of Shanghai nickel NI2512 fell 740 to 118,710 yuan/ton, and spot premiums changed [44][45] - **Important Information**: Indonesia's policy on nickel smelters [47] - **Logic Analysis**: Loose supply - demand, limited rebound, and expected weakening in the off - season [47] - **Trading Strategy**: Short on rebounds for one - sided trading; wait - and - see for arbitrage; sell out - of - the - money call options [48][49][50] Stainless Steel - **Market Review**: The main contract of stainless steel SS2512 fell 95 to 12,425 yuan/ton, and spot prices were in a certain range [52] - **Important Information**: Decline in high - nickel pig iron prices and export price cuts by Indonesian enterprises [53] - **Logic Analysis**: Weak trading atmosphere, abundant cold - rolled supply, and downward - trending costs [53][55] - **Trading Strategy**: Short on rebounds for one - sided trading; wait - and - see for arbitrage [56][57] Tin - **Market Review**: The main contract of Shanghai tin 2512 closed at 292,440 yuan/ton, up 1.75%, and spot prices rose [59] - **Related Information**: US economic data and decline in Indonesian tin exports [60] - **Logic Analysis**: Potential end of US government shutdown, tight supply at the mine end, and slow demand recovery [61] - **Trading Strategy**: Tin prices may test previous highs; wait - and - see for options [62][63] Industrial Silicon - **Important Information**: Policies on new energy consumption and regulation [65] - **Logic Analysis**: Reduced demand for polysilicon, increased power prices in some areas, and limited upward space [66] - **Strategy Suggestion**: Range - bound operation for one - sided trading; long Si2512 and short Si2601 for arbitrage; sell out - of - the - money put options to take profit [67][68] Polysilicon - **Important Information**: News about the potential establishment of a storage platform [70] - **Logic Analysis**: Reduced supply and demand, marginal improvement in supply - demand, and short - term range - bound [70] - **Strategy Suggestion**: Range - bound operation and buy at low levels for one - sided trading; long PS2512 and short PS2601 for arbitrage; no suggestion for options [72][73][74] Lithium Carbonate - **Market Review**: The 2601 contract of lithium carbonate fell 180 to 86,580 yuan/ton, and spot prices rose [76] - **Important Information**: Policies on new energy, progress of a lithium salt project, and growth in global energy storage cell shipments [77] - **Logic Analysis**: Increased demand and supply - side disturbances support high - level prices [78] - **Trading Strategy**: High - level operation in the short - term; wait - and - see for arbitrage; sell out - of - the money put options [79][80][82]

2025 年 11 月 12 日 铅：库存大幅增加，限制价格上涨 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 17440 | -0.37% | 伦铅 3M 电子盘收 | 2056.5 | 0.56% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 30855 | -755 | 伦铅成交量（手） | 9281 | -1026 | | （手） | | | | | | | 沪铅主力持仓量 | 55107 | -3618 | 伦铅持仓量（手） | 153641 | 2117 | | （手） | | | | | | | 上海 1# 铅升贴水 | 25 | 25 | LME CASH-3M 升 | -15 | -6.5 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -45 | 55 | 进口升贴水 ...

新能源及有色金属日报 | 2025-11-11 下游以签订长单为主 铅价维持震荡格局 市场要闻与重要数据 现货方面：2025-11-10，LME铅现货升水为-10.74美元/吨。SMM1#铅锭现货价较前一交易日变化50元/吨至17300 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化25元/吨 至17350元/吨，SMM河南铅现货较前一交易日变化25元/吨至17325元/吨，SMM天津铅现货升贴水较前一交易日变 化25元/吨至17375元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化0元/吨 至10025元/吨，废白壳较前一交易日变化0元/吨至10150元/吨，废黑壳较前一交易日变化0元/吨至10400元/吨。 期货方面：2025-11-10，沪铅主力合约开于17440元/吨，收于17505元/吨，较前一交易日变化85元/吨，全天交易日 成交31610手，较前一交易日变化4404手，全天交易日持仓58725手，手较前一交易日变化-1093手，日内价格震荡， 最高点达到17535元/吨，最低点达到17440元/吨。 ...

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Overseas inventory reduction supports the price of lead [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: The closing price of the main contract of Shanghai lead futures was 17,420 yuan/ton, down 0.06%, and the closing price of the 3M electronic disk of LME lead was 2,045 dollars/ton, up 0.42% [1] - **Volume**: The trading volume of the main contract of Shanghai lead futures was 27,206 lots, a decrease of 16,966 lots, and the trading volume of LME lead was 10,307 lots, an increase of 3,259 lots [1] - **Open Interest**: The open interest of the main contract of Shanghai lead futures was 59,818 lots, a decrease of 2,680 lots, and the open interest of LME lead was 152,994 lots, an increase of 2,647 lots [1] - **Premium and Discount**: The premium of Shanghai 1 lead was 0 yuan/ton, unchanged; the LME CASH - 3M premium was -8.5 dollars/ton, an increase of 6.46 dollars/ton [1] - **Import Profit and Loss**: The spot import profit and loss of lead ingots was -366.93 yuan/ton, a decrease of 208.33 yuan/ton; the import profit and loss of Shanghai lead continuous three - month contract was -225.6 yuan/ton, a decrease of 119.72 yuan/ton [1] - **Inventory**: The inventory of Shanghai lead futures was 21,903 tons, unchanged; the LME lead inventory was 203,700 tons, a decrease of 1,800 tons; the LME lead cancelled warrants were 101,750 tons, a decrease of 1,800 tons [1] - **Recycled Lead**: The price of recycled refined lead was 17,200 yuan/ton, an increase of 25 yuan/ton; the comprehensive profit and loss of recycled lead was 222 yuan/ton, an increase of 25 yuan/ton [1] 3.2 News - The State Council General Office plans to strengthen research, development, and application of key core technologies in the field of artificial intelligence, and promote the application and standard construction of the unmanned system in the land, sea, and air [2] - The Democratic Party has softened its stance, while the Republican Party has rejected but admitted progress. Trump's chief economic advisor warns that the government shutdown will have a far more serious impact on the economy than expected, and the US Q4 GDP growth rate may be halved [2] - The trend strength of lead is 0, indicating a neutral outlook [2]