下游积极性不足 短期内锌价或维持偏弱震荡

Group 1 - The current spot price of 0 zinc ingots in Shanghai is reported at 22,610.00 CNY/ton, which is 175.00 CNY/ton higher than the futures main price of 22,435.00 CNY/ton [1] - The national zinc price overview on May 20 shows various prices for 0 zinc ingots, with Shanghai prices at 22,660 CNY/ton and 22,610 CNY/ton, while Guangdong's price is at 22,350 CNY/ton [2] - On the futures market, the main contract for zinc closed at 22,435.00 CNY/ton on May 20, with a slight decline of 0.13% [2] Group 2 - LME zinc inventory on May 20 recorded 156,700 tons, a decrease of 4,075 tons or 2.53% from the previous day, with a cumulative reduction of 11,200 tons over the past week, representing a 6.68% decrease [3] - The Shanghai Futures Exchange (SHFE) zinc warehouse receipts recorded 1,526 tons, down 175 tons from the previous trading day, with a significant cumulative decrease of 6,182 tons over the past month, equating to an 80.2% reduction [3] Group 3 - According to Nanhua Futures research, while there is a long-term expectation of supply easing, current inventory levels are at historically low absolute values, and the recent weakening of the Shanghai-London price ratio has temporarily closed the import window, indicating short-term supply tightness [4] - Demand-side indicators show recent improvements in terminal operating rates, but overall caution remains among downstream enterprises, leading to insufficient purchasing enthusiasm [4] - Short-term zinc prices are expected to remain weak and volatile, with a long-term bearish outlook [4]