锌：短期有支撑，关注benchmark落地

Report Summary 1. Core View - Zinc prices have short - term support, and attention should be paid to the benchmark landing [1] 2. Industry Data Summary 2.1 Futures Price and Volume - The closing price of Shanghai Zinc main contract was 24,125 yuan/ton, down 0.31% from the previous day; the closing price of LME Zinc 3M electronic disk was 2,937.5 dollars/ton, up 0.34% [1] - The trading volume of Shanghai Zinc main contract was 147,213 lots, a decrease of 96,601 lots; the trading volume of LME Zinc was 3,600 lots, a decrease of 6,577 lots [1] 2.2 Position and Premium - The open interest of Shanghai Zinc main contract was 131,122 lots, a decrease of 2,498 lots; the open interest of LME Zinc was 226,378 lots, an increase of 1,642 lots [1] - The premium of Shanghai 0 zinc was - 10 yuan/ton, unchanged; the premium of LME CASH - 3M was - 13.78 dollars/ton, an increase of 4.77 dollars/ton [1] 2.3 Inventory - Shanghai Zinc futures inventory was 17,019 tons, a decrease of 76 tons; LME zinc inventory was 150,225 tons, a decrease of 3,425 tons [1] - LME zinc cancelled warrants were 93,500 tons, a decrease of 3,300 tons [1] 2.4 Other Product Prices - The tax - included price of 1.0mm hot - dipped galvanized coil was 4,345 yuan/ton, unchanged; the price of zinc oxide ≥99.7% was 22,800 yuan/ton, a decrease of 100 yuan/ton [1] 3. News - Trump is considering a "two - step" tariff plan. Before April 2, the UK and India are considering reducing taxes on the US. Trump may impose a 25% tariff on copper, causing the price of New York copper to reach a record high [2] 4. Trend Intensity - The trend intensity of zinc is 1, indicating a neutral trend [2]