Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core View of the Report - The lead market currently shows a pattern of weak supply and demand, with no obvious manifestation of peak - season demand in batteries. Due to the relatively strong performance of the non - ferrous metals sector under the influence of macro factors, the lead price is expected to fluctuate between 16,350 and 17,050 [4] Summary by Related Catalogs Market News and Important Data Spot Market - On August 19, 2025, the LME lead spot premium was - $44.00 per ton. The SMM1 lead ingot spot price remained unchanged at 16,675 yuan per ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 25.00 yuan per ton, SMM Guangdong lead remained at 16,750 yuan per ton, SMM Henan lead remained at 16,675 yuan per ton, and SMM Tianjin lead remained at 16,700 yuan per ton. The lead refined - scrap price difference remained at 0 yuan per ton, the price of waste electric vehicle batteries remained at 10,175 yuan per ton, the price of waste white shells remained at 10,150 yuan per ton, and the price of waste black shells remained at 10,475 yuan per ton [1] Futures Market - On August 19, 2025, the main contract of Shanghai lead opened at 16,790 yuan per ton and closed at 16,825 yuan per ton, up 50 yuan per ton from the previous trading day. The trading volume was 27,255 lots, a decrease of 3,340 lots from the previous trading day, and the position was 48,112 lots, a decrease of 1,384 lots. The intraday price fluctuated, with a high of 16,865 yuan per ton and a low of 16,765 yuan per ton. In the night session, the main contract of Shanghai lead opened at 16,825 yuan per ton and closed at 16,695 yuan per ton, down 130 yuan per ton from the afternoon close. Downstream consumption was weak, with only rigid demand for procurement, and the enthusiasm of traders to buy was also low, resulting in continued weak spot trading [2] Inventory - On August 19, 2025, the total SMM lead ingot inventory was 71,000 tons, a decrease of 70 tons compared to the same period last week. As of August 19, the LME lead inventory was 282,950 tons, a decrease of 625 tons from the previous trading day [3]