Report Information - Report Title: Zinc Futures Daily Report [1] - Date: May 21, 2025 [2] - Researchers: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - The zinc market shows a pattern of increasing supply and weak demand, with downward pressure on prices. The macro - positive sentiment has faded, and the market has returned to being anchored by fundamentals. The supply of zinc concentrates remains loose, and the supply of refined zinc is also abundant. The demand side is in the off - peak season, and the relaxation of tariff policies has limited impact on downstream demand [7]. Section Summaries 1. Market Review - Futures Market: Shanghai zinc futures showed narrow - range fluctuations. The main contract 2506 closed at 22,435 yuan/ton, down 30 yuan or 0.13%. There was a reduction in volume and a shift in positions. The position of contract 06 decreased by 8,930 lots to 76,630 lots, while that of contract 07 increased by 6,521 lots to 92,994 lots. The Shanghai - London ratio rose to 8.48, and the spot import loss narrowed by 105.95 yuan to - 280.16 yuan/ton [7]. - Spot Market: Downstream bargain - hunting replenishment improved spot procurement. The spot premiums in three regions remained stable. Shanghai and Tianjin had premiums of 280 and 260 yuan/ton respectively over contract 06, and Guangdong had a premium of 305 yuan/ton over contract 07, with a discount of 110 yuan/ton compared to Shanghai [7]. - Fundamentals: The supply of zinc concentrates remained loose. The domestic zinc concentrate processing fee in May rose to 3,500 yuan/metal ton, and domestic zinc mine production increased seasonally from May to June, with room for further increase in processing fees. Refined zinc supply was also abundant, and imported goods flowed in in May. Social inventories increased slightly last week and decreased by 0.25 tons to 8.38 tons at the beginning of this week [7]. 2. Industry News - Price and Premium in Different Regions on May 20, 2025: - Overall Market: 0 zinc's mainstream transaction price was concentrated between 22,660 - 22,745 yuan/ton, double - swallow brand between 22,960 - 23,045 yuan/ton, and 1 zinc between 22,590 - 22,675 yuan/ton. The morning market quoted a premium of 40 - 60 yuan/ton over the average price [8]. - Ningbo Market: The mainstream brand 0 zinc's transaction price was around 22,660 - 22,725 yuan/ton, with a premium of 260 yuan/ton over contract 2506 and 30 yuan/ton over Shanghai spot [8]. - Tianjin Market: 0 zinc ingot's mainstream transaction price was between 22,580 - 22,730 yuan/ton, and high - end brands had different premiums over contract 2506. Tianjin was about 20 yuan/ton cheaper than Shanghai [8][9]. - Guangdong Market: 0 zinc's mainstream transaction price was between 22,685 - 22,810 yuan/ton, with a premium of 305 yuan/ton over contract 2507 and a discount of 110 yuan/ton compared to Shanghai spot. The price difference between Shanghai and Guangdong narrowed [9]. 3. Data Overview - The report provides figures on the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM seven - region zinc ingots, and the LME zinc inventory, but specific data analysis is not elaborated in the text [7][11][17]
建信期货锌期货日报-20250521
Jian Xin Qi Huo·2025-05-21 02:22