锌期货日报-20250520

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: May 20, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - The zinc market is facing downward pressure due to increasing supply and weakening demand. The macro - positive sentiment has faded, and the market has returned to the fundamentals. The supply of zinc concentrates and refined zinc is abundant, while the demand is in the off - peak season, and the tariff policy has limited impact on downstream demand [7] Summary by Section 1. Market Review - Futures Market: Shanghai zinc futures showed a narrow - range oscillation. The main contract 2506 closed at 22,455 yuan/ton, down 70 yuan or 0.31%. There was a reduction in volume and a shift in positions. The 2506 contract's open interest decreased by 8,786 lots to 85,560 lots, while the 2507 contract increased by 5,901 lots to 86,473 lots. The Shanghai - London ratio rose to 8.45, and the spot import loss narrowed to - 386.11 yuan/ton [7] - Fundamentals: Zinc concentrates remained in a loose supply pattern. The domestic zinc concentrate processing fee in May rose to 3,500 yuan/metal ton, and domestic zinc mine production is expected to increase seasonally from May to June, with potential for further increase in processing fees. Refined zinc supply is also abundant, with imported goods flowing in. Social inventories increased slightly last week and decreased by 0.25 tons to 8.38 tons at the beginning of this week. The demand is in the off - peak season, and the tariff policy has limited impact on downstream industries [7] 2. Industry News - Price and Premium: On May 19, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - grade brands in different regions such as Shanghai, Ningbo, Tianjin, and Guangdong were reported. The premiums of different brands in each region relative to the corresponding contracts were also provided. For example, in Shanghai, the common domestic 0 zinc was at a premium of 270 - 280 yuan/ton to the 2506 contract [8][9] 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory [11][16]