Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Views - For lead, on the previous trading day, the average price of SMM1 lead ingots decreased by 0.15% compared to the previous day, and the closing price of the main Shanghai lead contract dropped by 0.58%. With no expected increase in lead concentrate imports, processing fees are likely to rise. The operation of primary lead is stable with a slight increase, while the operation of secondary lead is at a relatively low level due to rising scrap lead - acid battery prices and limited raw materials. The demand is gradually shifting from the off - season to the peak season, and the drag on lead prices may slow down. However, due to the inventory accumulation risk, the upward momentum of lead prices is limited [1]. - For zinc, on the previous trading day, the average price of SMM1 zinc ingots decreased by 0.94% compared to the previous day, and the main Shanghai zinc contract closed down 1.07%. Refineries have sufficient raw material reserves, zinc concentrate processing fees are rising, and the output is showing an increasing trend. The demand is weak, and most downstream enterprises only replenish inventory as needed. Recently, zinc prices have rebounded due to positive macro - sentiment and supply - side disturbances, but the rebound space is limited, and attention should be paid to short - selling opportunities after the elimination of favorable factors [1]. Group 3: Summary by Related Catalogs 1. Price and Market Data Lead - SMM1 lead ingot average price: 16,925.00 yuan/ton, - 0.15% [1] - Shanghai lead futures - spot price (main contract closing price): 17,100.00 yuan/ton, - 0.58% [1] - Shanghai lead basis: - 175.00 yuan/ton, + 75.00 [1] - LME 3 - month lead futures closing price (electronic trading): 2,039.00 US dollars/ton, - 0.12% [1] - Shanghai - London lead price ratio: 8.39, - 0.46% [1] Zinc - SMM1 zinc ingot average price: 22,210.00 yuan/ton, - 0.94% [1] - Shanghai zinc futures - spot price (main contract closing price): 22,255.00 yuan/ton, - 1.07% [1] - Shanghai zinc basis: - 45.00 yuan/ton, + 30.00 [1] - LME 3 - month zinc futures closing price (electronic trading): 2,713.50 US dollars/ton, - 1.00% [1] - Shanghai - London zinc price ratio: 8.20, - 0.06% [1] 2. Inventory Data Lead - LME inventory: 270,075.00 tons, 0.00% [1] - Shanghai lead warehouse receipt inventory: 46,389.00 tons, + 0.22% [1] Zinc - LME inventory: 114,900.00 tons, 0.00% [1] - Shanghai zinc warehouse receipt inventory: 6,824.00 tons, - 3.57% [1] 3. Trading Volume and Open Interest Data Lead - Futures active contract trading volume: 31,387.00 lots, - 2.89% [1] - Futures active contract open interest: 51,411.00 lots, + 0.01% [1] - Trading volume - open interest ratio: 0.61, - 2.90% [1] Zinc - Futures active contract trading volume: 178,683.00 lots, + 11.04% [1] - Futures active contract open interest: 134,433.00 lots, - 4.10% [1] - Trading volume - open interest ratio: 1.33, + 15.79% [1] 4. Industry News Lead - Shanghai Municipal Commission of Commerce and other eight departments issued the "Implementation Rules for the Replacement Subsidy of Electric Bicycles in Shanghai in 2025". From July 1 to December 31, 2025, individual consumers who trade in old electric bicycles (including batteries) for new ones will receive a one - time 500 - yuan subsidy, and an additional 100 - yuan subsidy for those who trade in for lead - acid battery electric bicycles [1] - Nandu Power signed a 1.4GWh energy storage system supply contract for a large - scale new - energy photovoltaic project in India [1] Zinc - In April 2025, Peru's zinc concentrate production was 137,600 metal tons, a year - on - year increase of 15.3%, and the total production from January to April was 458,300 metal tons, a year - on - year increase of 11.7% [1] - A mine in southwest China's zinc ore tender price in July was 3,770 yuan/metal ton, a month - on - month increase of 170 yuan/metal ton [1] - Nexa's Cajamarquilla smelter resumed full - scale operation with normal capacity utilization after a three - day shutdown [1]

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1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The polyester industry chain currently faces an unfavorable demand situation and generally fluctuates with costs. It is expected that PX will operate weakly, PTA will operate weakly, and PR will operate in a volatile manner (PX view score: -1, PTA view score: -1, PR view score: 0) [2] 3. Summary by Relevant Catalogs Price Information - **Upstream**: On July 1, 2025, the futures settlement price of WTI crude oil was $65.45 per barrel, up 0.52%; Brent crude oil was $67.11 per barrel, down 0.74%. The spot price of naphtha (CFR Japan) was $570.75 per ton, down 0.35%. The spot price of xylene (isomeric grade, FOB South Korea) was $754 per ton, up 0.47%. The spot price of p-xylene (PX, CFR China Main Port) was $861 per ton, down 1.51% [1] - **PTA Futures and Spot Prices**: On July 1, 2025, the closing price of the CZCE TA main contract was 4,800 yuan per ton, up 0.04%; the settlement price was 4,804 yuan per ton, down 0.41%. The spot price of PTA in the domestic market was 4,972 yuan per ton, down 1.49%. The CCFEI price index of domestic PTA was 4,990 yuan per ton, down 1.19%; the external price index was $658 per ton (as of June 30), up 0.77% [1] - **PX Futures and Spot Prices**: On July 1, 2025, the closing price of the CZCE PX main contract was 6,794 yuan per ton, down 0.03%; the settlement price was 6,798 yuan per ton, down 0.41%. The domestic spot price of p-xylene was 6,947 yuan per ton, unchanged [1] - **PR Futures and Spot Prices**: On July 1, 2025, the closing price of the CZCE PR main contract was 5,932 yuan per ton, down 0.07%; the settlement price was 5,932 yuan per ton, down 0.40%. The mainstream market price of polyester bottle chips in the East China market was 6,030 yuan per ton, down 0.17%; in the South China market, it was 6,070 yuan per ton, down 0.33% [1] - **Downstream Fiber Prices**: On July 1, 2025, the CCFEI price index of polyester DTY was 8,950 yuan per ton, unchanged; the price index of polyester POY was 7,325 yuan per ton, unchanged; the price index of polyester FDY68D was 7,150 yuan per ton, down 1.38%; the price index of polyester short fibers was 6,765 yuan per ton, unchanged; the price index of polyester chips was 5,920 yuan per ton, down 0.34%; the price index of bottle-grade chips was 6,030 yuan per ton, down 0.17% [2] Spread Information - On July 1, 2025, the PXN spread was $290.25 per ton, down 3.71%; the PX - MX spread was $107 per ton, down 13.48%. The near - far month spread of PTA was 164 yuan per ton, a decrease of 28 yuan; the basis was 190 yuan per ton, a decrease of 62 yuan. The basis of PX was 153 yuan per ton, an increase of 2 yuan. The basis of PR in the East China market was 98 yuan per ton, a decrease of 6 yuan; in the South China market, it was 138 yuan per ton, a decrease of 16 yuan [1] Operating Conditions - On July 1, 2025, the operating rate of PX in the polyester industry chain was 78.98%, unchanged. The load rate of PTA factories was 76.84%, down 0.50%; the load rate of polyester factories was 88.52%, down 0.77%; the load rate of bottle chip factories was 76.08%, a decrease of 4.12 percentage points; the load rate of looms in Jiangsu and Zhejiang was 64.95%, unchanged [1] Production and Sales Rates - On July 1, 2025, the production and sales rate of polyester filament was 33%, up 2 percentage points; the production and sales rate of polyester staple fiber was 51%, up 11 percentage points; the production and sales rate of polyester chips was 43%, a decrease of 27 percentage points [1] Device Information - The 2.5 - million - ton PTA device of Dongying United has been under maintenance from June 28 for 40 - 45 days. The 3.3 - million - ton PTA device of Yisheng New Materials reduced its load by about 50% around June 15 and has now returned to normal. The 2 - million - ton PTA device of Yisheng Hainan is expected to undergo technical upgrades for 3 months starting on August 1 [2] Important News - The international crude oil market lacks news guidance, and the crude oil market maintains a sideways shock. Recent large - scale fluctuations in crude oil prices have affected the PX trend, and the risk premium has been fully reversed. The PX price has fallen back to the level before the increase. The fundamentals of PX are better than those of PTA, with effective support from rigid demand. PTA will still commission new devices in the third quarter, creating a time mismatch with PX. Currently, PX inventory is at a historical low, providing strong bottom support. Whether the profitability of PX can continue to improve depends on the emergence of more unexpected factors [2] - At the beginning of the month, downstream polyester factories mainly consumed long - term contract PTA, with a low intention to purchase PTA spot, causing the PTA spot basis to weaken. Some polyester bottle chip factories implemented production cuts, which was negative for the PTA market. Although the absolute value of PTA inventory is decreasing, the relative value is at a five - year high, and the situation of near - term strength and long - term weakness is difficult to change [2] - Most polyester products are theoretically operating at a loss, but the number of officially announced polyester device maintenance plans is limited. The rigid demand in June was relatively stable, and the polyester operating rate will fluctuate in July. As long as there is no significant production cut in polyester, PTA still has some support. If the production cut in the polyester industry expands in the future, PTA will be relatively weaker [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is 5,980 - 6,100 yuan per ton, a decrease of 30 yuan per ton from the previous trading day. The prices of raw material PTA and bottle chip futures first declined and then rebounded. Most supply - side quotes for bottle chips were lowered. Recently, the operating rate on the supply side of bottle chips has mainly decreased, and market liquidity may tighten. Downstream terminal demand is cautiously waiting and watching, with general purchasing sentiment [2] Trading Strategies - PTA is in a weak consolidation state. The TA2509 contract closed at 4,800 yuan per ton (-0.50%), with an intraday trading volume of 1.18 million lots. The positive impact of PX maintenance news is limited, and the price has returned to consolidation. The PX2509 contract closed at 6,794 yuan per ton (-0.47%), with an intraday trading volume of 280,900 lots. PR follows the cost trend, and the 2509 contract closed at 5,932 yuan per ton (-0.40%), with an intraday trading volume of 57,000 lots [2]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The silicon market has a situation of weak supply and demand, with high inventory pressure in the industry. There is insufficient support for the rebound of silicon prices, and after the silicon price rises, the hedging pressure above increases. The futures price briefly breaks through the 8,000 yuan/ton mark and then falls back. For polysilicon, although its price rebounds at a low level under the drive of the rising sentiment of industrial silicon, the industrial over - capacity adjustment needs time to be transmitted, and the rebound space is restricted. After the industrial silicon price weakens, the polysilicon price follows and falls back [1] 3. Summary According to Relevant Catalogs Industrial Silicon - **Price Information**: The average price of non - oxygenated 553 (East China) remains unchanged at 8,200 yuan/ton. The average price of 421 (East China) remains unchanged at 8,800 yuan/ton. The closing price of the futures main contract drops by 3.66% to 7,765 yuan/ton [1] - **Supply and Demand Situation**: On the supply side, the operation of silicon enterprises in the north changes little, and the southwest production area is about to enter the wet season, with lower power costs and a steady increase in enterprise operation. On the demand side, polysilicon enterprises maintain a production - cut situation, and the resumption of production may be postponed. The organic silicon industry has a strong willingness to cut production and support prices, but the demand is weak, and the downstream is in a wait - and - see mood. The domestic monomer enterprises' operation has both increases and decreases, and the overall operation declines, further weakening the demand for industrial silicon. Silicon alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at a low level [1] - **Investment Strategy**: The silicon market has a situation of weak supply and demand, with high inventory pressure in the industry. There is insufficient support for the rebound of silicon prices, and after the silicon price rises, the hedging pressure above increases. The futures price briefly breaks through the 8,000 yuan/ton mark and then falls back. It is necessary to continuously pay attention to the actual production dynamics of silicon enterprises [1] Polysilicon - **Price Information**: The price of N - type dense material remains unchanged at 33.5 yuan/kg; the price of polysilicon re - feed material remains unchanged at 31.5 yuan/kg; the price of polysilicon dense material remains unchanged at 30.0 yuan/kg; the price of polysilicon cauliflower material remains unchanged at 28.5 yuan/kg. The closing price of the futures main contract drops by 2.49% to 32,700 yuan/ton [1] - **Supply and Demand Situation**: On the supply side, polysilicon enterprises maintain a production - cut situation, and some polysilicon plants may have new production capacity put into operation. After offsetting the increase and decrease, the output is expected to increase slightly, with the overall output maintained within 100,000 tons. On the demand side, the photovoltaic market as a whole shows a weak performance, the inventories of silicon wafers and polysilicon increase, the prices of silicon wafers, battery cells and components continue to fall, the market demand slows down, and the transactions are weak [1] - **Investment Strategy**: Recently, under the drive of the rising sentiment of industrial silicon, the polysilicon price rebounds at a low level. However, from the perspective of its fundamentals, the industrial over - capacity adjustment needs time to be transmitted, and the rebound space is restricted. After the industrial silicon price weakens, the polysilicon price follows and falls back. It is necessary to continuously pay attention to the actual operation situation of the industrial chain [1] Other Information - The domestic monomer enterprises' operation continues to increase slightly, and it is expected that the DMC production schedule in July will still increase slightly by about 10,000 tons, increasing the consumption of industrial silicon [1] - In terms of silicon wafers, there is a size differentiation in demand. The demand for N - type 183mm silicon wafers continues to weaken, the demand for N - type 210R silicon wafers is good due to the conversion of battery cell production lines, and the demand for N - type 210mm silicon wafers also improves due to the advantage of large sizes. On the supply side, enterprises adjust production lines to cope with the differentiation, and the overall supply and demand are basically balanced [1] - Two photovoltaic glass kilns in Anhui with a total production capacity of 1,800 tons per day have officially reduced production, and the first - round production reduction in July has begun. It is expected that there will still be kiln blockages and production reductions in Jiangxi and Anhui in the near future [1]

王文虎(F03087656,Z0019472),联系电话:010-82293558 投资策略 | | 变量名称 | 2025-06-30 | 2025-06-27 | 2025-06-20 | 较昨日变动 | 近期走势 | | --- | --- | --- | --- | --- | --- | --- | | | 收盘价 | 79870 | 79920 | 77990 | -50.00 | | | 沪铜期货活跃合约 | 成交量(手) | 100845 | 131756 | 65822 | -30,811.00 ~~~ | | | | 持仓量(手) | 212911 | 215705 | 166882 | -2,794.00 | | | | 库存(吨) | 25851 | 25346 | 33882 | 505.00 | | | | SMM 1#电解铜平均价 | 79990 | 801 25 | 78400 | -135.00 | | | 沪铜基差或现货升贴水 | 沪铜基差 | 120 | 205 | 410 | -85.00 | | | (现货与期货) | 广州电解铜现货升贴水 | 65 | 95 | 9 ...

| FEEHING | 贵金属日评20250701：特朗普政府将给各国指定关税，贝森特表示不宜扩大长期国债发行 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-06-24 | 2025-06-30 | 2025-06-27 | 收盘价 | 767. 58 | 771.86 | 1.18 | 766. 40 | -4. 28 | | | | | 成交量 | 169217.00 | 248445.00 | -37.160.00 | 211285.00 | 42, 068. 00 | 期货活跃合约 | 持仓量 | 155821.00 | 129822.00 | 8, 477.00 | 147344.00 | 25, 999. 00 | | | | 库存(十克) | 18237.00 | 18237.00 | 18213.00 | 0. 00 | 24. 00 | 上海 ...

Report Industry Investment Rating - No relevant content provided Core View of the Report - After the cease - fire agreement, the market's risk - aversion sentiment decreased, the geopolitical premium was quickly squeezed out, the domestic crude oil declined, and methanol also corrected. In the future, the market will no longer focus on the escalation of the conflict, and methanol will gradually return to its own fundamentals. Currently, the domestic methanol supply - demand change is small and the driving force is weak. The possible future impact lies in imports. Although the conflict has affected Iran's methanol supply, the overall arrival volume in South America is stable, and the high operating rate of inland coal enterprises has made up for the loss of Middle - East device maintenance to some extent. Last week, the port generally accumulated inventory. It is expected that the methanol price will fluctuate, and the 09 contract is expected to operate in the range of 2300 - 2500 [1] Summary According to the Directory 1. Price and Basis - **Futures Prices**: MA01 in Taicang was 2413 yuan/ton (- 0.25%), in Guangdong was 2435 yuan/ton (- 1.22%); MA05 was 2325 yuan/ton (- 0.13%); MA09 was 2381 yuan/ton (- 0.50%) compared to June 27, 2025 [1] - **Spot Prices**: In Shandong, it was 2230 yuan/ton (- 1.33%); in Shaanxi, 2057.50 yuan/ton (- 0.36%); in Sichuan - Chongqing and Hubei, unchanged; in Inner Mongolia, 1947.50 yuan/ton (- 0.38%) [1] - **Basis**: Taicang spot - MA was 377 yuan/ton, a decrease of 14 yuan/ton [1] 2. Raw Material Prices - **Coal Prices**: Ordos Q5500, Datong Q5500, and Yulin Q6000 remained unchanged at 430 yuan/ton, 490 yuan/ton, and 495 yuan/ton respectively [1] - **Industrial Natural Gas Prices**: In Hohhot, it was 3.94 yuan/cubic meter; in Chongqing, 3.30 yuan/cubic meter. Both remained unchanged [1] 3. Profit Situation - **Methanol Production Profit**: Coal - to - methanol in Chongqing was 493.40 yuan/ton, unchanged; natural gas - to - methanol was - 460 yuan/ton, unchanged [1] - **Downstream Profit**: Northwest MTO was 562 yuan/ton (+ 2.07%); East China MTO was - 1183.07 yuan/ton (+ 19.69%); acetic acid was 347 yuan/ton (+ 21.00%); MTBE and Yilangtan remained unchanged; formaldehyde was - 262.40 yuan/ton (- 3.96%) [1] 4. Important Information - **Domestic**: The main methanol contract MA2509 fluctuated narrowly, opened at 2389 yuan/ton, closed at 2381 yuan/ton, down 25 yuan/ton, with a trading volume of 863081 lots and a position of 759974 lots, showing a reduction in volume and position [1] - **Foreign**: 90% of the methanol plants in a Middle - East country are restarting. Attention should be paid to the later start - up and shipping and loading [1] 5. Trading Strategy - The previous trading day, MA oscillated in the range and closed at 2371 at night. Considering the current situation, the 09 contract is expected to operate in the range of 2300 - 2500 [1]

| | | | | 尿素早评20250701: 供应仍有压力,转机在于出口 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日度 | | 单位 | 6月30日 | 6月27日 | 变化值 (矩对值) | 変化值 (相对值) -0.12% | | | 尿素期货价格 (收盘价) | UR01 UR05 | 元/吨 | 1682.00 | 1684.00 | -2.00 | | | | | | 元/吨 | 1696.00 | 1696.00 | 0.00 | 0.00% | | | | UR09 | 元/吨 | 1712.00 | 1717.00 | -5.00 | -0.29% | | 期现价格 | | 山东 山西 | 元/吨 元/吨 | 1800.00 1660.00 | 1810.00 1660.00 | -10.00 0.00 | -0.55% 0.00% | | | 国内现货价格 | 河南 | 元/吨 | 1780.00 | 1800.00 | -20.00 | -1.11% | | | (小顆粒) | 河北 | 元/吨 | 18 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The ethylene glycol market is currently in a low-level consolidation phase. The cost support is present, but the demand from the polyester industry continues to be weak, and the production reduction scale is still expanding [2]. - After the geopolitical premium is basically cleared, the ethylene glycol market will return to the fundamental logic, and future trends will depend on changes in supply and demand and industry operating conditions [2]. Group 3: Summary by Related Catalog Price Information - **Raw Materials**: The price of naphtha CFR Japan is $569.75 per ton, with a 0.18% increase; the price of ethylene in Northeast Asia remains unchanged at $851 per ton; the ex-factory price of cycloethane in East China is 6,500 yuan per ton, unchanged; the spot price of methanol MA is 2,810 yuan per ton, unchanged; the tax-included pithead price of lignite in Inner Mongolia is 290 yuan per ton, unchanged [1]. - **Ethylene Glycol Futures**: The closing price of the DCE EG main contract is 4,267 yuan per ton, a 0.09% decrease; the settlement price is 4,272 yuan per ton, a 0.16% decrease; the closing price of the near-month contract is 4,211 yuan per ton, a 0.14% increase; the settlement price is 4,218 yuan per ton, a 0.35% decrease [1]. - **Ethylene Glycol Spot**: The market price of ethylene glycol in East China is 4,340 yuan per ton, unchanged; the CCFEI price index of domestic ethylene glycol (MEG) is 4,330 yuan per ton, a 0.23% decrease [1]. - **Polyester Products**: The CCFEI price index of polyester DTY is 8,950 yuan per ton, a 1.10% decrease; the price index of polyester POY is 7,325 yuan per ton, a 0.68% decrease; the price index of polyester staple fiber is 6,765 yuan per ton, a 0.30% increase; the price index of bottle-grade chips is 6,040 yuan per ton, a 0.17% decrease [1]. Spread Information - The near - far month spread of ethylene glycol is 54 yuan per ton, an increase of 8 yuan; the basis is 63 yuan per ton, a decrease of 6 yuan [1]. Operating Conditions - The overall operating rate of ethylene glycol is 55.85%, with a 0.08% increase; the operating rate of petroleum - based ethylene glycol is 58.32%, a 0.14% increase; the operating rate of coal - based ethylene glycol is 52.28%, unchanged [1]. - The load rate of the PTA industry chain in polyester factories is 89.29%, a 0.06% decrease; the load rate of Jiangsu and Zhejiang looms is 64.95%, unchanged [1]. Profit Information - The after - tax gross profit of naphtha - based ethylene glycol is $102.50 per ton, a $0.70 decrease; the after - tax gross profit of ethylene - based ethylene glycol is $144.15 per ton, a $1.00 increase [1]. - The after - tax gross profit of MTO MEG is 2,040.80 yuan per ton, a 45.97 - yuan decrease; the after - tax gross profit of the coal synthesis gas method device is 596.90 yuan per ton, a 2.22 - yuan decrease [1]. Industry News - A 400,000 - ton/year synthetic gas - to - ethylene glycol production line in Shaanxi is scheduled to stop for maintenance for about 20 days at the end of the month [2]. - The spot market of ethylene glycol is in a low - level consolidation, with weak trading. Near - end contracts have a premium, and the external market is also in a low - level state. Some transactions occur at around $510 - $506 per ton [2]. - The trading volume of the DCE EG2509 contract is 1,943,000 lots, with a closing price of 4,267 yuan per ton, a 0.28% decrease [2]. - The production and sales rates of polyester filament, polyester staple fiber, and chips on June 30th are 30.66%, 40.36%, and 70.20% respectively [2].

Report Industry Investment Rating - Not provided Core Viewpoints - Lead prices have continued to rise supported by raw materials and reduced production at secondary lead plants, but the lack of peak season demand and inventory accumulation risks limit further upward momentum [1] - Zinc prices have rebounded due to positive macro - sentiment and supply - side disturbances, but the rebound suppresses downstream purchasing, and inventory accumulation suggests limited upside potential, with opportunities to short after positive factors fade [1] Summary by Relevant Catalogs Lead Market Price and Spread - The average price of SMM1 lead ingots decreased by 0.29% to 16,950 yuan/ton, and the closing price of the main futures contract rose by 0.44% to 17,200 yuan/ton. The basis of Shanghai lead decreased by 125 yuan/ton to - 250 yuan/ton [1] - The LME 0 - 3 spread decreased by 5.43 dollars/ton to - 27.57 dollars/ton, and the LME 3 - 15 spread increased by 3.40 dollars/ton to - 54.60 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract decreased by 20.49% to 32,321 lots, and the open interest decreased by 0.76% to 51,408 lots. The trading volume to open interest ratio decreased by 19.88% to 0.63 [1] Inventory - LME lead inventory remained unchanged at 271,925 tons, and Shanghai lead warehouse receipts increased by 0.88% to 46,288 tons. As of June 30, SMM lead ingot five - location inventory was 5.63 tons, up from previous weeks [1] Fundamental Information - A large secondary lead smelter in East China had poor production in June and may cut production in July. Lead concentrate imports are not expected to increase, and processing fees are likely to rise [1] - Secondary lead smelters face raw material shortages and cost inversion, leading to reduced production. Demand is expected to improve as it transitions from the off - season to the peak season [1] Zinc Market Price and Spread - The average price of SMM1 zinc ingots decreased by 0.36% to 22,420 yuan/ton, and the closing price of the main futures contract rose by 0.38% to 22,495 yuan/ton. The basis of Shanghai zinc decreased by 165 yuan/ton to - 75 yuan/ton [1] - The LME 0 - 3 spread decreased by 9.99 dollars/ton to - 10.23 dollars/ton, and the LME 3 - 15 spread decreased by 6.11 dollars/ton to - 44.83 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract decreased by 28.74% to 160,924 lots, and the open interest decreased by 1.57% to 140,186 lots. The trading volume to open interest ratio decreased by 27.60% to 1.15 [1] Inventory - LME zinc inventory remained unchanged at 117,475 tons, and Shanghai zinc warehouse receipts increased by 11.06% to 7,077 tons. As of June 30, SMM zinc ingot seven - location inventory was 8.06 tons, up from previous weeks [1] Fundamental Information - Zinc smelters have sufficient raw material inventory, and zinc concentrate processing fees are rising. The production of zinc smelters is expected to increase [1] - Zinc price rebounds suppress downstream purchasing, and demand is mainly for replenishing inventory as needed [1] Industry News - Sulliden Mining Capital Inc. acquired a 48% stake in a nickel, zinc, and lead exploration project in Poland, which includes two concessions [1]