【20250808】铅:供应支撑底部,等待消费驱动核心观点核心观点:震荡偏多整体来看,原再生铅企亏损走扩,但减复产情况不多,供应边际变化较少;需求侧,旺季表现不明显,经销商库存高企,去库情况欠佳。近期的边际变量来自于安徽地区发布排查污水,当地个别再生炼厂小幅减产,原/再生炼厂整体生产正常,供应增量无显著变化。精矿和废电瓶的成本刚性支撑铅价底部,铅价偏强震荡为主,月差/比值驱动不强。加工费:偏多本周...
Source Link【20250808】铅:供应支撑底部,等待消费驱动核心观点核心观点:震荡偏多整体来看,原再生铅企亏损走扩,但减复产情况不多,供应边际变化较少;需求侧,旺季表现不明显,经销商库存高企,去库情况欠佳。近期的边际变量来自于安徽地区发布排查污水,当地个别再生炼厂小幅减产,原/再生炼厂整体生产正常,供应增量无显著变化。精矿和废电瓶的成本刚性支撑铅价底部,铅价偏强震荡为主,月差/比值驱动不强。加工费:偏多本周...
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