Report Industry Investment Rating - Unilateral: Neutral [4] - Arbitrage: Suspended [4] Core View - The raw material supply remains tight, pressuring the production of primary lead, while secondary lead production is gradually resuming. The demand for lead batteries is constrained by high lead prices, and production cuts by enterprises have led to weaker consumption. Although social inventories are at historical lows, they are expected to accumulate in November as supply recovers and imports arrive. Overall, the upside of lead prices is limited by weak consumption, while the downside is supported by costs. The lead price is expected to remain in a volatile range of approximately 16,900 yuan/ton to 17,600 yuan/ton. Attention should be paid to inventory changes and the pace of consumption recovery [4]. Summary by Related Catalogs Market News and Important Data Spot - On November 6, 2025, the LME lead spot premium was -$30.22/ton. The SMM 1 lead ingot spot price decreased by 100 yuan/ton to 17,225 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 100 yuan/ton to 17,300 yuan/ton, the SMM Henan lead spot price decreased by 100 yuan/ton to 17,250 yuan/ton, and the SMM Tianjin lead spot premium decreased by 100 yuan/ton to 17,300 yuan/ton. The lead refined-scrap price difference remained unchanged at -50 yuan/ton, the price of used electric vehicle batteries remained unchanged at 10,025 yuan/ton, the price of used white shells remained unchanged at 10,150 yuan/ton, and the price of used black shells decreased by 25 yuan/ton to 10,400 yuan/ton [1]. Futures - On November 6, 2025, the main SHFE lead contract opened at 17,465 yuan/ton and closed at 17,430 yuan/ton, down 45 yuan/ton from the previous trading day. The trading volume for the whole trading day was 44,172 lots, a decrease of 2,244 lots from the previous trading day, and the position was 62,498 lots, a decrease of 3,201 lots from the previous trading day. The intraday price fluctuated, reaching a high of 17,555 yuan/ton and a low of 17,350 yuan/ton. In the night session, the main SHFE lead contract opened at 17,420 yuan/ton and closed at 17,405 yuan/ton, down 0.23% from the afternoon close. According to SMM, the SMM 1 lead price decreased by 50 yuan/ton compared to the previous trading day. The SHFE lead futures weakened and fluctuated during the day. In Henan, holders quoted at a discount of 180 - 150 yuan/ton to the SHFE lead 2506 contract; in Hunan, smelters' quotes at a discount of 30 - 0 yuan/ton to the SMM 1 lead average price had difficulty in making transactions, and traders quoted at a discount of 200 yuan/ton to the SHFE lead 2506 contract; in Anhui and Jiangxi, smelters' inventories were low, and they quoted at a premium of 100 yuan/ton to the SMM 1 lead average price for ex-factory sales; in Guangdong, holders' ex-factory supplies were quoted at a premium of 0 - 50 yuan/ton to the SMM 1 lead average price for transactions. As lead prices continued to weaken, downstream buyers maintained just-in-time purchases, and the enthusiasm for stocking up at low prices was poor, resulting in a generally sluggish spot market [2]. Inventory - On November 6, 2025, the total SMM lead ingot inventory was 32,000 tons, an increase of 1,600 tons compared to the same period last week. As of November 6, the LME lead inventory was 205,500 tons, a decrease of 3,100 tons from the previous trading day [3]. Strategy - Unilateral: Maintain a neutral stance. The lead price is expected to remain in a volatile range of approximately 16,900 yuan/ton to 17,600 yuan/ton, and attention should be paid to inventory changes and the pace of consumption recovery [4]. - Arbitrage: Suspend for now [4].

1. Report Industry Investment Rating - Report gives a neutral rating for the lead industry [3] 2. Core Viewpoint of the Report - Although terminal consumption has slightly rebounded under the influence of the "Golden September and Silver October" period, there is still a lack of major growth highlights. The processing fees for lead ore remain low, and the supply of waste batteries in some regions is also tight. Therefore, the lead price is showing a range - bound pattern, with an expected trading range of 16,900 - 17,220 yuan/ton this week [3] 3. Summary According to Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Spot Market - On October 22, 2025, the LME lead spot premium was -$39.69/ton. The SMM1 lead ingot spot price remained unchanged at 17,000 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium, SMM Guangdong lead price, SMM Henan lead price, and SMM Tianjin lead price all remained unchanged. The lead refined - scrap price difference, waste electric vehicle battery price, waste white - shell battery price, and waste black - shell battery price also remained unchanged [1] 3.1.2 Futures Market - On October 22, 2025, the main SHFE lead contract opened at 17,125 yuan/ton, closed at 17,160 yuan/ton (unchanged from the previous trading day), with a trading volume of 29,011 lots (a decrease of 14,526 lots from the previous day) and an open interest of 26,547 lots (a decrease of 7,009 lots). During the night session, it opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, up 65 yuan/ton from the afternoon close. The SMM1 lead price remained unchanged from the previous day. Different regions had different pricing strategies for lead. The regional supply of lead ingots remained tight, and with the approaching end of the current - month long - term contracts, the supply of spot goods was limited. Some downstream buyers made purchases as needed, while others waited for the execution of new - month long - term contracts [2] 3.1.3 Inventory - On October 22, 2025, the total SMM lead ingot inventory was 38,000 tons, unchanged from the previous week. As of October 22, the LME lead inventory was 244,125 tons, a decrease of 3,175 tons from the previous trading day [2] 3.2 Strategy - The lead price is expected to oscillate in the range of 16,900 - 17,220 yuan/ton this week. The recommended option strategy is to sell a wide strangle [3]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - Although terminal consumption has slightly recovered under the influence of the "Golden September and Silver October" period, there is still a lack of major growth drivers. The processing fees for lead ore remain low, and the supply of waste batteries in some areas is tight. As a result, the lead price is currently in a range - bound oscillation pattern, with an expected oscillation range of 16,900 - 17,220 yuan/ton this week [3] Summary by Directory Market News and Key Data Spot Market - On October 21, 2025, the LME lead spot premium was -$41.78/ton. The SMM1 lead ingot spot price increased by 75 yuan/ton to 17,000 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at -20.00 yuan/ton. The SMM Guangdong lead spot price increased by 50 yuan/ton to 17,075 yuan/ton, and the SMM Henan lead spot price increased by 75 yuan/ton to 17,075 yuan/ton. The SMM Tianjin lead spot premium increased by 50 yuan/ton to 17,100 yuan/ton. The lead concentrate - scrap lead 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 - shell batteries remained unchanged at 10,150 yuan/ton, and the price of waste black - shell batteries increased by 25 yuan/ton to 10,425 yuan/ton [1] Futures Market - On October 21, 2025, the main contract of Shanghai lead opened at 17,130 yuan/ton and closed at 17,160 yuan/ton, up 100 yuan/ton from the previous trading day. The trading volume was 43,537 lots, an increase of 15,881 lots from the previous trading day, and the position was 33,556 lots, a decrease of 4,639 lots. The intraday price fluctuated, with a high of 17,210 yuan/ton and a low of 17,110 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,150 yuan/ton and closed at 17,160 yuan/ton, down 0.06% from the afternoon close. According to SMM, the SMM1 lead price rose 25 yuan/ton the previous day. Lead smelters in Henan offered a premium of 50 - 100 yuan/ton over SMM1 lead, and holders offered a discount of 80 - 60 yuan/ton to the SHFE 2511 contract for ex - factory sales. Smelters in Hunan offered a premium of 50 yuan/ton over SMM1 lead for ex - factory sales. Holders in Yunnan offered a discount of 200 - 180 yuan/ton over SMM1 lead or a discount of 350 yuan/ton to the SHFE 2511 contract for ex - factory sales. Downstream battery enterprises maintained rigid demand procurement, the supply of electrolytic lead in some areas was slightly tight, and the trading of scattered orders was fair [2] Inventory - On October 21, 2025, the total SMM lead ingot inventory was 38,000 tons, unchanged from the previous week. As of October 21, the LME lead inventory was 247,300 tons, a decrease of 3,100 tons from the previous trading day [2] Strategy - The investment strategy is neutral. The option strategy is to sell a wide strangle [3][4]

1. Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] 2. Core View of the Report - The lead market trading has become lighter, and the lead price maintains a volatile pattern. Although the purchasing enthusiasm of downstream battery enterprises is relatively weak due to the approaching National Day holiday, the lead ore supply remains relatively tight. Coupled with the overall positive impact of the Fed's interest - rate cut cycle on non - ferrous metals, it is recommended to use the strategy of buying on dips for hedging in the lead market [1][2][3] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On September 29, 2025, the LME lead spot premium was -$41.63 per ton. The SMM1 lead ingot spot price decreased by 125 yuan/ton to 16,800 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 price decreased by 125 yuan/ton to 16,825 yuan/ton, and the SMM Henan lead price also decreased by 125 yuan/ton to 16,825 yuan/ton. The SMM Tianjin lead spot premium changed by - 113 yuan/ton to 16,850 yuan/ton. The lead refined - scrap price difference remained unchanged at - 25 yuan/ton. The price of waste electric vehicle batteries increased by 25 yuan/ton to 10,000 yuan/ton, while the prices of waste white shells and waste black shells remained unchanged at 10,075 yuan/ton and 10,350 yuan/ton respectively [1] Futures - On September 29, 2025, the main contract of Shanghai lead opened at 17,065 yuan/ton and closed at 16,855 yuan/ton, a decrease of 255 yuan/ton compared to the previous trading day. The trading volume was 76,219 lots, an increase of 26,944 lots compared to the previous trading day, and the position was 48,797 lots, a decrease of 11,865 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,110 yuan/ton and the lowest point reaching 16,845 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 [2] Inventory - On September 29, 2025, the total SMM lead ingot inventory was 42,000 tons, a decrease of 4,300 tons compared to the same period last week. As of September 29, the LME lead inventory was 218,825 tons, a decrease of 600 tons compared to the previous trading day [2] Strategy - It is recommended to use the strategy of buying on dips for hedging in the lead market, with the buying range between 16,950 yuan/ton and 17,000 yuan/ton [3]

Core Insights - The average price of SMM1 lead ingots was 16,925 CNY/ton, while recycled refined lead averaged 16,850 CNY/ton, indicating a price differential of 75 CNY/ton for scrap lead-acid batteries priced at 9,975 CNY/ton [1] - On September 29, the lead futures market closed at 16,855 CNY/ton, with a decline of 1.38%, and trading volume reached 76,219 lots [2] - The LME reported a registered lead warehouse stock of 197,275 tons, with a decrease of 600 tons in canceled warrants, totaling 21,550 tons [2] Supply and Demand Analysis - The supply side is expected to maintain a tight balance in Q4, with some smelters in Hunan and Yunnan experiencing slight production declines due to insufficient raw material inventories [4] - The operating rate of recycled lead has been declining for six consecutive weeks, leading to weakened demand for scrap lead-acid batteries, which have seen a slight price stabilization after a drop [4] - The implementation of new national standards for electric bicycles in September has improved order conditions for some downstream companies, alongside stable demand in the energy storage battery market, suggesting a potential reduction in lead inventory [4] Transportation and Cost Factors - In Inner Mongolia, transportation vehicles are becoming tight due to the maturity of agricultural products, resulting in an increase in transportation costs by approximately 80 CNY/ton [3]

Report Industry Investment Rating - The investment rating is cautiously bullish [4] Core View of the Report - After the Fed's interest rate meeting, most non - ferrous metals showed a trend of stabilizing and rebounding after a decline. With the upcoming National Day holiday, the downstream restocking enthusiasm may be stimulated. It is recommended to mainly use buy - on - dips hedging in the next week, with the buying range between 16,800 yuan/ton and 17,000 yuan/ton [4] Summary by Relevant Catalogs Market News and Important Data Spot - On September 22, 2025, the LME lead spot premium was - 43.72 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 17,000 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 15.00 yuan/ton. The SMM Guangdong lead price remained unchanged at 17,025 yuan/ton, and the SMM Henan lead price remained unchanged at 17,025 yuan/ton. The SMM Tianjin lead spot premium remained unchanged at 17,025 yuan/ton. The lead refined - scrap price difference remained unchanged at - 75 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 9,975 yuan/ton, the price of waste white shells remained unchanged at 10,075 yuan/ton, and the price of waste black shells remained unchanged at 10,350 yuan/ton [1] Futures - On September 22, 2025, the main contract of Shanghai lead opened at 17,150 yuan/ton and closed at 17,125 yuan/ton, a change of - 25 yuan/ton compared to the previous trading day. The trading volume was 24,370 lots, a change of - 11,605 lots compared to the previous trading day. The position was 27,432 lots, a change of - 5,311 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,170 yuan/ton and the lowest point reaching 17,075 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,190 yuan/ton and closed at 17,165 yuan/ton, a 0.03% increase from the afternoon closing price of the previous day. The SMM1 lead price remained flat compared to the previous trading day. In Henan, smelters mainly shipped on long - term contracts, and some holders quoted at a discount of 150 - 120 yuan/ton to the SHFE lead 2511 contract for ex - factory prices. In Hunan, brand lead smelters also mainly shipped on long - term contracts, with few quotes for scattered orders. Traders quoted at a discount of 150 yuan/ton to the SHFE lead 2510 contract or 180 yuan/ton to the SHFE lead 2511 contract for ex - factory prices. In Anhui and Jiangxi, holders quoted at a premium of 100 - 150 yuan/ton to the SMM1 lead for ex - factory prices. The lead futures fluctuated slightly lower, smelters' quotes were relatively firm, and downstream battery enterprises made small - scale bargain purchases after the pre - holiday stockpiling, with the trading volume in some markets being rather light [2] Inventory - On September 22, 2025, the total SMM lead ingot inventory was 55,000 tons, a change of - 12,900 tons compared to the same period last week. As of September 22, the LME lead inventory was 221,675 tons, a change of 1,375 tons compared to the previous trading day [3] Strategy - It is recommended to use buy - on - dips hedging in the next week, with the buying range between 16,800 yuan/ton and 17,000 yuan/ton [4]

1. Report Industry Investment Rating - Unilateral: Neutral [4] - Arbitrage: On Hold [4] 2. Core View of the Report - The peak - season demand for lead is not obvious, and the overall supply - demand pattern is weak. In September, this pattern may not change significantly. However, under the background of the Fed's interest rate cut, lead prices may maintain a shock - strengthening pattern. It is recommended to sell high and buy low between 16,300 yuan/ton and 17,200 yuan/ton [4] 3. Summary According to Relevant Catalogs Market News and Important Data Spot - On September 11, 2025, the LME lead spot premium was -$44.17/ton. The SMM1 lead ingot spot price changed by 50 yuan/ton to 16,750 yuan/ton compared with the previous trading day. SMM Shanghai lead spot premium changed by -25 yuan/ton to -30.00 yuan/ton, SMM Guangdong lead changed by 50 yuan/ton to 16,750 yuan/ton, SMM Henan lead changed by 25 yuan/ton to 16,750 yuan/ton, and SMM Tianjin lead spot premium changed by 50 yuan/ton to 16,775 yuan/ton. The lead refined - scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries changed by -25 yuan/ton to 10,000 yuan/ton, waste white shells changed by -25 yuan/ton to 10,075 yuan/ton, and waste black shells changed by -50 yuan/ton to 10,350 yuan/ton [1] Futures - On September 11, 2025, the main contract of Shanghai lead opened at 16,815 yuan/ton and closed at 16,900 yuan/ton, a change of 105 yuan/ton from the previous trading day. The trading volume was 41,772 lots, a decrease of 3,543 lots from the previous trading day. The position was 49,603 lots, a decrease of 864 lots from the previous trading day. The intraday price fluctuated, with the highest reaching 16,920 yuan/ton and the lowest reaching 16,790 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,860 yuan/ton and closed at 16,900 yuan/ton, up 0.24% from the afternoon close. Some downstream battery enterprises were cautious in purchasing due to fear of price drops, and the market transaction was mainly for rigid demand, but there was a slight improvement in some areas [2] Inventory - On September 11, 2025, the total SMM lead ingot inventory was 67,000 tons, a decrease of 70 tons compared with the same period last week. As of September 11, the LME lead inventory was 232,625 tons, a decrease of 4,375 tons from the previous trading day [3]

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] 2. Report's Core View - The lead market currently shows a pattern of weak supply and demand. The supply side is affected by the continuous decline in TC prices and an increase in smelter maintenance. On the demand side, dealers' inventory reduction is slow, and their procurement willingness is low, with some enterprises accumulating finished - product inventory. With the upcoming implementation of the new national standard for electric bicycles in September and the Middle East tariff policy, the impact on consumption is uncertain. Therefore, the lead price is expected to remain in a volatile pattern, with the volatility range likely between 16,300 yuan/ton and 17,050 yuan/ton [4] 3. Summary by Related Catalogs Market News and Important Data Spot - On December 19, 2024, the LME lead spot premium was -$31.73/ton. The SMM1 lead ingot spot price remained unchanged at 16,700 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -50 yuan/ton to 50.00 yuan/ton. The SMM Guangdong lead price remained unchanged at 16,950 yuan/ton, the SMM Henan lead price changed by -75 yuan/ton to 16,725 yuan/ton, and the SMM Tianjin lead spot premium changed by -25 yuan/ton to 16,650 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 50 yuan/ton. The price of waste electric vehicle batteries changed by -50 yuan/ton to 9,925 yuan/ton, the price of waste white - shell batteries changed by -50 yuan/ton to 9,525 yuan/ton, and the price of waste black - shell batteries changed by -50 yuan/ton to 9,975 yuan/ton [1] Futures - On December 19, 2024, the main contract of Shanghai lead opened at 16,795 yuan/ton, closed at 16,730 yuan/ton, unchanged from the previous trading day. The trading volume was 28,827 lots, a decrease of 11,102 lots from the previous trading day, and the position was 43,709 lots, a decrease of 3,629 lots. The intraday price fluctuated, with a high of 16,810 yuan/ton and a low of 16,660 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,865 yuan/ton and closed at 16,860 yuan/ton, a decrease of 5 yuan/ton from the afternoon close. According to SMM, the SMM1 lead price rose by 25 yuan/ton compared to the previous trading day. In the Henan region, holders quoted at par with the SMM1 lead average price or at a discount of 140 - 120 yuan/ton to the SHFE 2510 contract. In the Hunan region, most lead smelters quoted at a discount of 50 - 30 yuan/ton to the SMM1 lead, and some holders quoted at a discount of 160 - 150 yuan/ton to the SHFE 2510 contract. In the Yunnan region, holders quoted at a discount of over 200 yuan/ton to the SMM1 lead. Although the lead futures price strengthened slightly, downstream buyers mainly made purchases based on rigid demand, and the overall trading in the spot market was weak [2] Inventory - On December 19, 2024, the total SMM lead ingot inventory was 48,000 tons, a decrease of 4,600 tons compared to the same period last week. As of September 3, the LME lead inventory was 234,700 tons, unchanged from the previous trading day [3] Strategy - The recommended option strategy is to sell a wide - straddle [4]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - The lead market currently shows a pattern of weak supply and demand. The TC price on the supply side continues to decline, and smelter maintenance has increased. On the consumption side, the inventory clearance of dealers is slow, and the procurement willingness is low, with some enterprises accumulating finished - product inventory. Additionally, the implementation of the new national standard for electric bicycles and the Middle East tariff policy in September brings uncertainty to consumption. Therefore, the lead price is expected to remain in a volatile range of 16,300 yuan/ton to 17,050 yuan/ton [3] Market News and Important Data Spot Market - On September 2, 2025, the LME lead spot premium was -$42.47/ton. The SMM1 lead ingot spot price remained unchanged at 16,725 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to -30.00 yuan/ton, SMM Guangdong lead remained unchanged at 16,750 yuan/ton, SMM Henan lead remained at 16,725 yuan/ton, and SMM Tianjin lead remained at 16,725 yuan/ton. The lead refined - scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 10,075 yuan/ton, waste white shells decreased by 25 yuan/ton to 10,100 yuan/ton, and waste black shells remained at 10,425 yuan/ton [1] Futures Market - On September 2, 2025, the main SHFE lead contract opened at 16,875 yuan/ton and closed at 16,850 yuan/ton, a decrease of 5 yuan/ton from the previous trading day. The trading volume was 42,223 lots, an increase of 2,369 lots from the previous trading day, and the position was 51,504 lots, an increase of 487 lots. During the day, the price fluctuated, with a high of 16,950 yuan/ton and a low of 16,830 yuan/ton. In the night session, the main SHFE lead contract opened at 16,810 yuan/ton and closed at 16,895 yuan/ton, a 0.12% increase from the previous afternoon [1] Inventory - On September 2, 2025, the total SMM lead ingot inventory was 67,000 tons, unchanged from the previous week. As of September 2, the LME lead inventory was 258,025 tons, a decrease of 1,500 tons from the previous trading day [2] Trading - The SMM1 lead price remained flat on the previous day. In Henan, suppliers quoted at par with the SMM1 lead average price or at a discount of 110 - 100 yuan/ton to the SHFE 2510 contract. In Hunan, branded lead smelters quoted at a discount of 30 yuan/ton to the SMM1 lead, and some suppliers quoted at a discount of 160 yuan/ton to the SHFE 2510 contract. In Anhui and Jiangxi, suppliers quoted at a premium of 30 - 50 yuan/ton to the SMM1 lead. With the lead price consolidating, downstream buyers made purchases at low prices, and the spot trading in some regions improved [2] Strategy - The recommended option strategy is to sell a wide - straddle [4]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - The lead market shows a pattern of weak supply and demand, with the peak - season demand in batteries not being significantly evident. However, due to macro - factors, the non - ferrous metals sector is relatively strong. The lead price is expected to fluctuate between 16,350 and 17,050 [3] Summary by Relevant Catalogs Market News and Important Data Spot - On August 18, 2025, the LME lead spot premium was -$43.24/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,675 yuan/ton. SMM Shanghai lead spot premium remained unchanged at -25 yuan/ton, SMM Guangdong lead spot price decreased by 25 yuan/ton to 16,750 yuan/ton, SMM Henan lead spot price remained unchanged at 16,675 yuan/ton, and SMM Tianjin lead spot price remained unchanged at 16,700 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton, the waste electric vehicle battery price remained unchanged at 10,175 yuan/ton, the waste white - shell price remained unchanged at 10,150 yuan/ton, and the waste black - shell price decreased by 25 yuan/ton to 10,475 yuan/ton [1] Futures - On August 18, 2025, the SHFE lead main contract opened at 16,810 yuan/ton, closed at 16,775 yuan/ton, down 75 yuan/ton from the previous trading day. The trading volume was 30,595 lots, down 2,006 lots from the previous day, and the open interest was 49,496 lots, down 1,711 lots. The intraday price fluctuated between 16,750 - 16,835 yuan/ton. In the night session, it opened at 16,790 yuan/ton, closed at 16,795 yuan/ton, down 0.12% from the afternoon close [1] Supply and Demand - The SMM1 lead price decreased by 25 yuan/ton. In Henan, suppliers offered at a discount of 20 - 0 yuan/ton to the SMM1 lead average price or a discount of 120 - 100 yuan/ton to the SHFE lead 2509 contract, with some offering at a 150 - yuan/ton discount. In Hunan, smelters offered at a 20 - 0 yuan/ton discount to the SMM1 lead price. Due to weak lead futures and increased social inventory after delivery, downstream demand was mainly for essential needs, and the spot market was quiet [2] Inventory - On August 18, 2025, the SMM lead ingot inventory was 71,000 tons, down 70 tons from the previous week. As of August 18, the LME lead inventory was 260,475 tons, down 625 tons from the previous trading day [2]