Abstract: With the economic growth and the improvement of people’s living standards, cars have become a necessity for people’s lives and environmental problems have become increasingly prominent.Based on this, electric vehicles as new energy vehicles are an inevitable requirement for the development of a low-carbon economy and also the development of the automobile industry direction.As an important component of electric vehicles, the impact of price changes on lead batteries cannot be ignored.This paper selects the Shanghai lead futures price, spot price and futures volume data from January 2016 to May 2019, constructs the MSVAR model and uses the impulse response function to combine the time series and dynamic characteristics of futures commodities to empirically analyze the market.The relationship between sentiment and lead futures prices and spot prices.The study found that:market sentiment and lead futures prices, spot prices promote each other; lead futures prices and spot prices guide each other, market sentiment spills over the one-way average of lead futures and spot prices.Finally, based on the conclusions reached, the proposal to maintain the long-term development of the lead futures market is proposed.