Core Viewpoint - The zinc market is experiencing fluctuations with a slight increase in futures prices, driven by export opportunities and inventory dynamics [1][2][3] Market Performance - As of October 24, 2025, the main contract for Shanghai zinc futures closed at 22,355 CNY/ton, with a weekly increase of 2.03% [1] - The weekly trading range was between 21,885 CNY/ton and 22,375 CNY/ton, with a total increase in open interest of 42,945 contracts [1] Supply and Demand Dynamics - The International Lead and Zinc Study Group (ILZSG) reported an increase in global zinc supply surplus to 47,900 tons in August 2025, up from 38,700 tons in July [2] - Domestic smelting supply remains stable while overseas production is decreasing, leading to a widening price gap [3] Inventory and Export Insights - As of October 23, 2025, the London Metal Exchange (LME) reported zinc registered warrants of 24,850 tons and a reduction in inventory by 600 tons to 34,700 tons [2] - Export profits for zinc ingots to Southeast Asia exceeded 1,900 CNY/ton, indicating strong demand in that region [2] Institutional Perspectives - Guotou Anxin Futures noted that low LME zinc inventory and tight overseas spot markets support high volatility in zinc prices, with a short-term resistance level at 23,000 CNY/ton [3] - Nanhua Futures highlighted a weak domestic market relative to overseas, with a focus on the potential for export opportunities and macroeconomic drivers [3]
低库存为价格提供支撑 沪锌在2.15万元/吨存强支撑
Jin Tou Wang·2025-10-26 23:38