锌：远端过剩，价格承压

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report indicates that zinc faces a situation of surplus in the long - term, which will put pressure on its price [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price and Volume: The closing price of SHFE zinc main contract was 22,190 yuan/ton, up 0.07%, and the closing price of LME zinc 3M electronic disk was 2,655.5 dollars/ton, up 0.74%. The trading volume of SHFE zinc main contract was 140,017 lots, a decrease of 82,058 lots, and the trading volume of LME zinc was 6,713 lots, an increase of 346 lots [1]. - Position and Premium: The open interest of SHFE zinc main contract was 119,170 lots, a decrease of 737 lots, and the open interest of LME zinc was 216,461 lots, an increase of 3,291 lots. The premium of Shanghai 0 zinc decreased by 20 yuan/ton to 480 yuan/ton, and the LME CASH - 3M premium increased by 6 dollars/ton to - 27 dollars/ton [1]. - Inventory: SHFE zinc futures inventory was 1,903 tons, a decrease of 150 tons, and LME zinc inventory was 170,325 tons, a decrease of 325 tons. The LME zinc cancelled warrants were 70,225 tons, an increase of 3,450 tons [1]. 3.2 News - The Q1 monetary policy report of the People's Bank of China states that it will give full play to the dual functions of the total amount and structure of monetary policy tools, and explore and expand the central bank's macro - prudential and financial stability functions. The price control idea should shift from preventing "price gouging" to preventing "low - price dumping". The expansion of Chinese government debt remains sustainable, and there is still room for financial support for consumption [2]. 3.3 Trend Intensity The trend intensity of zinc is - 1, indicating a relatively bearish view, with the range of trend intensity being integers in the [-2, 2] interval [2].