锌：库存增减不一，宏观降息预期或带来提振

Core Viewpoint - The zinc market is experiencing mixed factors, with macroeconomic interest rate cut expectations potentially providing some support despite underlying supply and demand challenges [1] Group 1: Bullish Factors - LME inventory has decreased, indicating a relief in supply pressure [1] - The overseas monthly spread is in a backwardation structure, suggesting strong spot demand [1] Group 2: Bearish Factors - The Shanghai Futures Exchange inventory has increased, reflecting an oversupply in the domestic market [1] - Social inventory is accumulating due to weak fundamentals caused by the off-season in demand [1] Group 3: Market Outlook - The zinc fundamentals are insufficiently supportive, but macroeconomic interest rate cut expectations may provide some uplift [1]