Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - For lead, downstream has not entered the peak season, there is still a risk of inventory accumulation, but scrap batteries remain tight, losses of secondary lead smelters are expanding, and the start - up is uncertain. Some enterprises have suspended shipments, so the lead price has strong support below, and it will maintain range consolidation in the short term. Future attention should be paid to the improvement of the demand side and macro uncertainties [1]. - For zinc, after the zinc price drops, downstream buyers place orders at low prices, and spot trading has improved. The Shanghai zinc price has stopped falling and rebounded. However, considering the supply - side suppression and inventory accumulation expectations, the rebound space of the zinc price may be limited, and it will maintain range consolidation in the short term. The strategy is still to short on rallies [1]. 3) Summary by Related Catalogs Lead - **Price and Spread**: SMM1 lead ingot average price is 16,925.00 yuan/ton, up 1.04%; Shanghai lead futures main contract closing price is 17,165.00 yuan/ton, up 1.24%; Shanghai lead basis is - 240.00 yuan/ton, down 35.00 yuan; various spreads and premiums have different changes [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 36,222.00 lots, up 5.29%; open interest is 15,153.00 lots, down 22.53%; trading volume to open interest ratio is 2.39, up 35.91% [1]. - **Inventory**: LME inventory is 275,250.00 tons, unchanged; Shanghai lead warrant inventory is 44,667.00 tons, up 0.97% [1]. - **Fundamentals**: On the supply side, scrap lead - acid battery prices are rising, recyclers' supplies are limited, and secondary lead smelters are forced to raise prices. Some smelters reduce or stop production due to raw material shortages or cost inversions, and the start - up is at a relatively low level. Some enterprises hold back goods due to losses, and the secondary lead finished product inventory continues to increase. On the demand side, it is gradually shifting from the off - season to the peak season, and downstream purchases are expected to improve [1]. Zinc - **Price and Spread**: SMM1 zinc ingot average price is 22,130.00 yuan/ton, up 0.23%; Shanghai zinc futures main contract closing price is 22,045.00 yuan/ton, up 0.57%; Shanghai zinc basis is 85.00 yuan/ton, down 75.00 yuan; various spreads and premiums have different changes [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 158,531.00 lots, down 14.77%; open interest is 129,865.00 lots, up 6.91%; trading volume to open interest ratio is 1.22, down 20.28% [1]. - **Inventory**: LME inventory is 122,875.00 tons, unchanged; Shanghai zinc warrant inventory is 7,169.00 tons, down 4.04% [1]. - **Fundamentals**: On the supply side, smelters have sufficient raw material reserves, and zinc ore processing fees continue to rise. The raw material shortage's restriction on smelter production has weakened, and the cost - side support has weakened. On the demand side, the south is gradually entering the rainy season, and terminal construction is restricted, so downstream purchases of zinc ingots are for rigid demand [1]. Other Information - Shenzhen Zhongjin Lingnan Non - ferrous Metals Co., Ltd.'s "Nanhua" brand lead ingots are approved to be registered on the Shanghai Futures Exchange, with a registered production capacity of 11.6 tons and subject to the standard price [1]. - As of the end of May, the total number of 5G base stations reached 4.486 million, a net increase of 235,000 from the end of last year, accounting for 35.3% of the total number of mobile base stations, 0.4 percentage points higher than in the previous four months [1]. - On June 24, [LME0 - 3 zinc] was at a discount of 20.17 US dollars/ton, with an open interest of 212,837 lots, an increase of 2,923 lots; [LME0 - 3 lead] was at a discount of 24.13 US dollars/ton, with an open interest of 153,024 lots, a decrease of 1,007 lots [1].