Futures: Overnight, LME lead opened low at $1,974.5/mt, fluctuated upward during the Asian session; climbed to a high of $1,996/mt during the European session, and finally closed at $1,994.5/mt, up 0.86%. Overnight, the most-traded SHFE lead 2603 contract opened at 16,800 yuan/mt, touched a high of 16,805 yuan/mt early in the session, then weakened and probed lower to 16,700 yuan/mt due to the dual decline in fundamental supply and demand, finally closing at 16,725 yuan/mt, down 0.09%. On the macro front: US January seasonally adjusted non-farm payrolls increased by 130,000, significantly exceeding market expectations and marking the largest increase since April 2025; the unemployment rate unexpectedly fell to 4.3%, hitting a new low since August 2025; following the non-farm data release, traders lowered expectations for US Fed interest rate cuts. The Central Bank of Kenya joined African gold accumulation efforts, planning gold purchases to strengthen buffer capacity. Indonesia plans to cut production at the world's largest nickel mine by 70%. The State-owned Assets Supervision and Administration Commission of the State Council is promoting central state-owned enterprises to actively expand effective investment in computing power. Ministry of Commerce: The prize pool for the lottery invoice event during the 9-day Chinese New Year holiday will exceed 1 billion yuan. : The Chinese New Year atmosphere is strong in the Jiangsu, Zhejiang, Shanghai market, most suppliers have suspended quotations, only a few can offer primary lead cargoes self-picked up from production site, but currently vehicles are scarce, except for a very few ultra-short distances that can barely manage delivery, the vast majority of lead ingots require pick-up after the holiday. Secondary lead spot order prices are sporadic, enterprise transaction willingness is weak, most enterprises have entered the holiday and suspended shipments and quotations. Simultaneously, most downstream enterprises have entered the holiday break, the final batch of lead-acid battery enterprises will also start their holiday this Saturday, downstream inquiries are minimal, and trading in the spot market is light on both sides. Inventory: On February 11, LME lead inventory increased by 200 mt to 232,950 mt. As of February 9, the SMM lead ingot five-region social inventory increased to a five-month high. Today's Lead Price Forecast: Approaching the Chinese New Year holiday, spot quotations continue to decrease, downstream battery enterprises have largely entered the holiday, and lead ingot purchase willingness is sluggish. Supply and demand both decline in the spot market, individual producers offer pre-sale post-holiday pick-up prices, spot order transactions are thin. Downstream battery producers are expected to resume production by late February to early March; post-holiday focus will be on lead ingot inventory buildup and the impact of secondary lead national standard delivery matters on lead price sentiment. Data Source Statement: Data other than public information is processed by SMM based on public information, market communication, and relying on SMM's internal database model, for reference only and does not constitute decision-making advice.

【Tianjin Adds 80,000 New Lottery Indicators】On May 22, the Tianjin Municipal People's Government Office issued the "Several Measures for Further Optimizing the Management of Small Passenger Car Control," which will come into effect on June 1. The measures stipulate that on the basis of the 100,000 annual increment quotas specified in the "Tianjin Small Passenger Car Total Control Management Measures," an additional 30,000 personal ordinary car increment quotas will be added each year through a lottery system, to be organized and implemented by the city's control service agency on a monthly basis. At the same time, 50,000 personal ordinary car quotas will be added each year for a separate step-by-step lottery. Citizens who have participated in the ordinary car lottery 25 times or more without winning can participate. The lotteries will be held at the end of June and December each year (for 2025, it will be at the end of July and December), with 25,000 personal ordinary car increment quotas released each time.

[Tianjin to Add 80,000 License Plate Lottery Quotas] The General Office of the Tianjin Municipal People's Government recently issued the "Several Measures for Further Optimizing the Regulation and Management of Passenger Cars in Tianjin," which will come into effect on June 1. The "Several Measures" clarify that, in addition to the annual 100,000 incremental quotas stipulated in the "Regulations on the Regulation and Management of the Total Number of Passenger Cars in Tianjin," an additional 30,000 personal ordinary vehicle incremental quotas will be allocated annually through a lottery system, to be organized and implemented monthly by the municipal regulatory service agency. Meanwhile, an additional 50,000 personal ordinary vehicle quotas will be allocated annually for a separate tiered lottery. Citizens who have participated in the ordinary vehicle lottery 25 times or more without winning can participate. The lotteries will be held by the end of June and December each year (in 2025, they will be held by the end of July and December), with 25,000 personal ordinary vehicle incremental quotas released each time.

, 2025 SMM (3rd) Wire and Cable Industry Development Conference is opening in just 2 days! At the event, there will be not only efficient supply and demand networking sessions and informative conference forums, but also exciting mini-activities for everyone! ►Rules for Free Redemption 1. Take 3 photos at the SMM Wire and Cable Conference on-site. 2. Attach a WeChat Moments caption: "Come to the SMM Wire and Cable Conference to glimpse the future of the wire and cable industry for the next decade" (or include "[SMM Wire and Cable Conference]" in the caption). Post it on WeChat Moments and show it to the on-site staff. You will receive a scratch-off lottery ticket worth 10 yuan ! (Limited to one per person) The SMM Wire and Cable Conference is full of excitement and surprises! Come to the event, check in, and interact to unlock your exclusive lucky moments! We look forward to exploring the new future of the wire and cable industry with you! (Tip: There are more hidden benefits at the event waiting for you to discover~)

The People's Bank of China will strengthen macroeconomic regulation and control, and introduce a package of monetary policy measures, mainly consisting of three categories and ten policies.

Since the beginning of the year, five housing projects in Hangzhou have triggered social security sorting, with price-limited properties collectively gaining popularity. From the start of 2025 to now, the Hangzhou new home lottery market has seen five instances of "social security competition." These include two occurrences at Chaoyu Yingyue, one at Yulan Yuehua, one at Qinglan Xuan, and one at Yunyao City. Experts indicate that under the effect of this trend, homebuyers have developed a psychological expectation that surrounding property prices will rise, rushing to catch the last train for price-limited properties. This phenomenon is particularly evident in hot areas where land prices have already shown significant increases, such as Qian'er, Santang, and the Canal New Town.