沪锌期货早报-20250423

Report Industry Investment Rating - Not provided in the content Core Viewpoint of the Report - The previous trading day saw Shanghai Zinc fluctuate and decline, closing with a negative line and shrinking trading volume. Both long and short positions increased, with more long - position increases. The market may experience a volatile rebound in the short term. Technically, the price closed below the long - term system with weak moving - average support. The short - term KDJ indicator rose and operated in the strong area, while the trend indicator declined, with the dominance of the short - side force narrowing. The operation suggestion is that Shanghai Zinc ZN2506 will experience a volatile rebound [21]. Summary According to Related Catalogs 1. Fundamental Information - In February 2025, global zinc plate production was 1.1245 million tons, consumption was 1.1079 million tons, with a surplus of 16,600 tons. From January to February, production was 2.253 million tons, consumption was 2.2275 million tons, with a surplus of 25,500 tons. In February, global zinc ore production was 984,000 tons, and from January to February, it was 1.963983 million tons. The overall fundamental situation is bearish [2]. 2. Basis - The spot price was 22,610, and the basis was +325, showing a bullish signal [2]. 3. Inventory - On April 22, LME zinc inventory decreased by 3,125 tons to 192,225 tons compared to the previous day, and the SHFE zinc inventory warrant decreased by 1,687 tons to 5,168 tons compared to the previous day, which is bullish [2]. 4. Futures Market Quotes - On April 22, the trading volume of zinc futures contracts on the futures exchange totaled 239,290 lots, with a turnover of 2.66163096 billion yuan, and the total open interest was 236,507 lots, an increase of 6,947 lots [3]. 5. Domestic Spot Market Quotes - On April 22, the price of zinc concentrate in Lin was 17,530 yuan/ton, up 30 yuan; the price of zinc ingots was 22,610 yuan/ton, up 30 yuan; the price of galvanized sheets was 4,023 yuan/ton, unchanged; the price of galvanized pipes was 4,431 yuan/ton, down 2 yuan; the price of zinc alloy in Ningbo was 23,225 yuan/ton, up 30 yuan; the price of zinc powder in Changsha was 27,290 yuan/ton, up 30 yuan; the price of zinc oxide in Taizhou was 21,000 yuan/ton, unchanged; the price of secondary zinc oxide in Lin was 7,600 yuan/ton, unchanged [4]. 6. National Zinc Ingot Inventory Statistics - From March 27 to April 21, 2025, the total social inventory of zinc ingots in major domestic markets decreased from 108,800 tons to 78,000 tons. Compared with last Thursday, it decreased by 6,100 tons, and compared with last Monday, it decreased by 10,800 tons [5]. 7. Zinc Warrant Report - On April 22, the total SHFE zinc warrant was 5,168 tons, a decrease of 1,687 tons compared to the previous day. Among them, the warrant in Shanghai decreased by 530 tons, in Guangdong decreased by 1,107 tons, in Jiangsu remained unchanged, in Zhejiang remained unchanged, and in Tianjin decreased by 50 tons [6]. 8. LME Zinc Inventory Distribution - On April 22, the total LME zinc inventory was 192,225 tons, a decrease of 3,125 tons compared to the previous day. The注销 ratio was 18.94% [8]. 9. Zinc Ingot Smelter Price Quotes - On April 22, the price of 0 zinc ingots from Zhuzhou Smelter was 22,940 yuan/ton, up 40 yuan; from Huludao Smelter was 24,580 yuan/ton, up 390 yuan; from Zhongjin Lingnan (Nanhua) was 22,670 yuan/ton, up 40 yuan; from Chihong Zinc & Germanium was 22,370 yuan/ton, up 40 yuan; from Henan Yuguang was 22,710 yuan/ton, up 40 yuan; from Baiyin (Honglu) was 22,440 yuan/ton, up 40 yuan [14]. 10. Domestic Refined Zinc Production in March 2025 - The planned production in March was 466,100 tons, and the actual production was 440,800 tons, a month - on - month increase of 2.97% and a year - on - year decrease of 6.09%. The capacity utilization rate was 81.38%, and the planned production in April was 454,800 tons [16]. 11. Zinc Concentrate Processing Fee Quotes - On April 22, the domestic zinc concentrate processing fee for 50% grade ranged from 3,200 to 3,800 yuan/metal ton, and the imported zinc concentrate processing fee for 48% grade was 40 US dollars/kiloton [18]. 12. SHFE Member Zinc Trading and Position Ranking - For the zn2506 contract on April 22, the total trading volume of futures companies was 238,380 lots, a decrease of 37,833 lots compared to the previous day. The total long - position was 83,053 lots, an increase of 2,494 lots, and the total short - position was 76,905 lots, an increase of 1,582 lots [19].