Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The report provides fundamental tracking data of lead, including prices, trading volumes, open interests, premiums and discounts, inventory, etc. It also mentions news about Trump's tariff threats and the trend strength of lead [1][2] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - **Prices**: The closing price of the main Shanghai lead futures contract was 17,160 yuan/ton, down 0.29% from the previous day; the closing price of the LME 3M electronic lead contract was 2,037.5 dollars/ton, down 0.95% [1] - **Trading Volumes**: The trading volume of the main Shanghai lead futures contract was 35,649 lots, an increase of 6,243 lots; the trading volume of LME lead was 4,255 lots, an increase of 685 lots [1] - **Open Interests**: The open interest of the main Shanghai lead futures contract was 51,617 lots, an increase of 572 lots; the open interest of LME lead was 149,669 lots, a decrease of 1,966 lots [1] - **Premiums and Discounts**: The premium of Shanghai 1 lead was -40 yuan/ton, an increase of 15 yuan/ton; the LME CASH - 3M premium was -25.31 dollars/ton, a decrease of 0.68 dollars/ton [1] - **Inventory**: The inventory of Shanghai lead futures was 47,713 tons, an increase of 899 tons; the LME lead inventory was 258,075 tons, a decrease of 1,900 tons [1] - **Other Data**: The price of waste electric vehicle batteries was 10,300 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was -411 yuan/ton, a decrease of 47 yuan/ton [1] 2. News - Trump plans to implement reciprocal tariffs starting from August 1st and warns that a tax letter to the EU is coming. He also threatens to impose a 50% copper tariff and a 200% drug tariff, causing the largest increase in the near - month copper contract since 1968 [2] 3. Trend Intensity - The trend intensity of lead is 0, indicating a neutral view [2]