锌：短期宏观支撑

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - There is short - term macro support for zinc. The US inflation has cooled, with the April CPI at 2.3% year - on - year, the lowest since February 2021, but "New Fed Wire" warns that the tariff impact on inflation will appear in the next few months [1][2] 3. Summary Based on Related Catalogs 3.1 Fundamentals Tracking - Futures Prices: The closing price of Shanghai Zinc main contract was 22,325 yuan/ton, down 0.73%; the closing price of LME Zinc 3M electronic disk was 2,669 dollars/ton, up 0.51% [1] - Trading Volume: The trading volume of Shanghai Zinc main contract was 170,560 lots, down 59,350; the trading volume of LME Zinc was 6,024 lots, down 689 [1] - Open Interest: The open interest of Shanghai Zinc main contract was 112,035 lots, down 5,995; the open interest of LME Zinc was 220,039 lots, up 1,926 [1] - Premium and Discount: Shanghai 0 zinc premium was 330 yuan/ton, down 100; LME CASH - 3M premium was - 27.37 dollars/ton, down 1.24 [1] - Inventory: Shanghai Zinc futures inventory was 1,600 tons, down 303; LME Zinc inventory was 167,950 tons, down 1,900 [1] - Product Prices: The price of 1.0mm hot - dipped galvanized coil was 4,220 yuan/ton, up 25; the price of zinc oxide ≥99.7% was 21,600 yuan/ton, down 100 [1] 3.2 News - US inflation has cooled, with the April CPI at 2.3% year - on - year, the lowest since February 2021. "New Fed Wire" warns that the tariff impact on inflation will appear in the next few months [2] 3.3 Trend Intensity - The trend intensity of zinc is 0, with the range of [-2, 2], indicating a neutral trend [2]