2025 年 07 月 17 日 铅：下方或有限 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 资料来源：Bloomberg，同花顺 iFinD，SMM，SHMET，国泰君安期货研究 【新闻】 特朗普称要给 150 多国发关税函，预告会达成一些贸易协议、点名印度。30% 关税威胁下，欧盟考虑 动用"反胁迫工具"应对特朗普。（华尔街见闻） 【趋势强度】 铅趋势强度：0 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 【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 | 16895 | -0.21% | 伦铅 3M 电子盘收 | 2001 | -0.20% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 32614 | -988 | 伦铅成交量（手） | 7688 | 811 | | （手） | | | | | | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not provided in the given content. 3. Summary by Relevant Catalogs [Fundamental Tracking] - **Prices**: The closing price of the main Shanghai lead futures contract was 17,210 yuan/ton, down 0.49% from the previous day, and the closing price of the LME 3M electronic lead contract was 2,057 dollars/ton, down 0.29% [1]. - **Volumes**: The trading volume of the main Shanghai lead futures contract was 29,406 lots, an increase of 5,076 lots, and the LME lead trading volume was 3,570 lots, a decrease of 1,679 lots [1]. - **Open Interests**: The open interest of the main Shanghai lead futures contract was 51,045 lots, a decrease of 627 lots, and the LME lead open interest was 151,635 lots, a decrease of 85 lots [1]. - **Premiums and Discounts**: The premium/discount of Shanghai 1 lead was -55 yuan/ton, down 15 yuan/ton, and the LME CASH - 3M premium/discount was -24.63 dollars/ton, up 1.84 dollars/ton [1]. - **Import Profits and Losses**: The spot import profit and loss of lead ingots was -793.68 yuan/ton, an increase of 22.76 yuan/ton, and the import profit and loss of Shanghai lead continuous - three was -664.76 yuan/ton, an increase of 26.65 yuan/ton [1]. - **Inventories**: The Shanghai lead futures inventory was 46,814 tons, an increase of 375 tons, and the LME lead inventory was 259,975 tons, a decrease of 3,300 tons [1]. - **Other Data**: The price of waste electric vehicle batteries was 10,300 yuan/ton, unchanged; the LME lead cancelled warrants were 65,075 tons, a decrease of 2,300 tons; the price of recycled refined lead was 16,925 yuan/ton, down 50 yuan/ton; and the comprehensive profit and loss of recycled lead was -364 yuan/ton, down 51 yuan/ton [1]. [News] - Trump's first - wave tax letter: 14 countries including Japan and South Korea will face tariffs ranging from 25% to 40%, effective August 1st, and the EU may be close to an agreement [1]. [Trend Intensity] - The lead trend intensity is 0, with the range of trend intensity values being integers in the [-2, 2] interval, and the strength levels classified as weak, moderately weak, neutral, moderately strong, and strong, where -2 indicates the most bearish and 2 indicates the most bullish [1].