长江有色：现货成交不兴及市场情绪博弈 19日锌价或小跌

Group 1 - The core viewpoint of the article highlights that the recent decline in zinc prices is influenced by disappointing U.S. inflation data and traders reducing their positions ahead of the Christmas season, despite tight supply and decreasing social inventories providing some support [1][2]. Group 2 - In the zinc futures market, overnight London zinc prices fell by 0.44%, closing at $3058 per ton, with a trading volume of 9734 lots, down by 3501 lots [1]. - The macroeconomic context indicates that the U.S. consumer price index (CPI) rose by 2.7% year-on-year in November, significantly lower than the expected 3.1%, but the data collection was hindered by a 43-day federal government shutdown, leading to concerns about the reliability of the data [1]. - The domestic zinc mining import volume has decreased due to unfavorable price comparisons, leading to increased losses in importing zinc concentrate, while domestic smelters are starting to stockpile raw materials for winter, favoring domestic zinc concentrate procurement [2]. - The overall demand side shows a weakening trend, particularly in the real estate sector, with construction and home appliance sectors also showing signs of decline, while only the automotive sector shows some positive developments due to policy support [2]. - The current trading environment is characterized by low willingness to restock among downstream markets, resulting in a generally quiet trading atmosphere [2].