建信期货锌期货日报-20250424

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 24, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoint - Trump's concessions in Sino-US trade disputes and on the issue of the Fed's independence have eased market concerns and weakened risk aversion. The domestic non-ferrous metals market opened higher, but Shanghai zinc faced upward pressure and fluctuated during the day. The import window is open, and April refined zinc imports may rebound to over 30,000 tons. With overseas mine disruptions and domestic TC remaining flat, and considering factors such as refinery maintenance, new production, and pre-holiday restocking demand, a short position on rallies is recommended [7]. Summary by Directory 1. Market Review - Shanghai zinc futures showed different fluctuations. For example, the 2505 contract opened at 22,595 yuan/ton, closed at 22,745 yuan/ton, up 265 yuan or 1.18%. The 2506 contract (the main contract) opened at 22,325 yuan/ton, closed at 22,460 yuan/ton, up 215 yuan or 0.97%, with a decrease in positions. The 2507 contract opened at 22,220 yuan/ton, closed at 22,245 yuan/ton, up 170 yuan or 0.77%, with an increase in positions [7]. - The Shanghai-London ratio was 8.69, and the exchange-excluded ratio was 1.21, with the import window open. LME zinc stocks decreased by 7,200 tons to 185,025 tons, and the 0 - 3C spread widened to 42.09. There were rumors of a full shutdown at Peru's Antamina due to an accident, strengthening overseas mine support [7]. 2. Industry News - On April 23, 2025, the spot prices of 0 zinc in different regions varied. In Shanghai, the mainstream transaction price of 0 zinc was 22,815 - 23,040 yuan/ton. In Ningbo, it was 22,805 - 23,000 yuan/ton. In Guangdong, it was 22,835 - 23,120 yuan/ton. In Tianjin, it was 22,850 - 23,250 yuan/ton. The spot premiums in different regions also showed different levels and trends [8][9]. 3. Data Overview - The report provides data on the price trends of zinc in two markets, the Shanghai-London ratio and exchange-excluded ratio, and zinc inventories in seven regions and LME, but specific data details in this part are not further elaborated [10][15].