供求总体差异不明显 沪锌价格上下有限

News Summary Core Viewpoint - The zinc market is experiencing a decline in domestic inventory levels, while the supply-demand dynamics indicate a potential for price fluctuations within a defined range due to varying conditions in domestic and international markets [1][2]. Group 1: Inventory and Price Trends - As of November 6, the total zinc ingot inventory across seven locations in China is 158,700 tons, a decrease of 2,700 tons from October 30 and 3,000 tons from November 3, indicating a reduction in domestic inventory [1]. - On October 31, the Shanghai zinc futures inventory recorded 103,416 tons, down by 5,752 tons from the previous trading day [1]. - On November 7, the spot price for Shanghai 0 zinc ingots was quoted at 22,640 yuan/ton, which is at a discount of 80 yuan/ton compared to the futures main price of 22,720 yuan/ton [1]. Group 2: Market Analysis and Outlook - According to Shenwan Hongyuan Futures, the processing fees for zinc concentrate remain acceptable, and smelting profits have turned positive, suggesting a potential increase in smelting output [2]. - The China Iron and Steel Association reported a weekly increase in galvanized sheet inventory, while infrastructure investment growth is slowing, and the automotive sector shows positive growth [2]. - Guizhou Futures noted a decline in domestic zinc ore processing fees, while import processing fees remain stable, indicating a demand for winter storage of raw materials [2]. - The overall supply-demand situation for zinc is not significantly different, leading to expectations of range-bound price movements, with a suggested trading range of 22,000 to 23,000 yuan/ton for Shanghai zinc [2].