锌：基本面累库，关注关税扰动

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The zinc market shows signs of inventory accumulation in the fundamentals, and attention should be paid to tariff disturbances. The trend strength of zinc is -1, indicating a bearish outlook [1][2]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Price and Volume: The closing price of the Shanghai Zinc main contract was 22,490 yuan/ton, up 1.35% from the previous day, and the trading volume was 229,910 lots, an increase of 89,893 lots. The closing price of the LME Zinc 3M electronic disk was 2,655.5 US dollars/ton, up 0.74% from the previous day, and the trading volume was 6,713 lots, an increase of 346 lots [1]. - Inventory and Premium: The inventory of Shanghai Zinc futures remained unchanged at 1,903 tons, while the LME zinc inventory decreased by 475 tons to 169,850 tons. The LME zinc cancelled warrants increased by 5,875 tons to 76,100 tons. The import bill of lading premium decreased by 10 US dollars/ton to 125 US dollars/ton, and the spot import profit and loss of zinc ingots decreased by 239.19 yuan/ton to -264.47 yuan/ton [1]. 2. News - The "Joint Statement of the China-US Economic and Trade Talks in Geneva" was released. China's Ministry of Commerce stated that China and the US have each cancelled a total of 91% of the additional tariffs and suspended the implementation of 24% of the counter - tariffs. Xinhua News Agency commented that the China - US economic and trade talks have relieved pressure and increased confidence for the global economy [2]. 3. Trend Intensity - The trend strength of zinc is -1, with the value ranging from -2 to 2, where -2 represents the most bearish view and 2 represents the most bullish view [2].