锌期货日报-20250527

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: May 27, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - Trump postponed the 50% tariff on the EU until July 9, weakening the safe - haven demand. LME was closed for a holiday, and SHFE zinc opened high and closed low. The main contract 2507 closed at 22,185 yuan/ton, down 115 yuan or 0.52%. The supply of zinc is expected to be loose, and the demand is in the off - peak season. The tariff policy relaxation has limited boost to the downstream, and the zinc price fluctuates at a low level in the short term [7] Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc 2506, it opened at 22,360 yuan/ton, closed at 22,405 yuan/ton, with a high of 22,495 yuan/ton, a low of 22,305 yuan/ton, down 85 yuan or 0.38%, and the position decreased by 6,837 to 44,433 lots. For SHFE zinc 2507, it opened at 22,155 yuan/ton, closed at 22,185 yuan/ton, with a high of 22,300 yuan/ton, a low of 22,085 yuan/ton, down 115 yuan or 0.52%, and the position increased by 4,451 to 118,520 lots. For SHFE zinc 2508, it opened at 22,000 yuan/ton, closed at 22,055 yuan/ton, with a high of 22,160 yuan/ton, a low of 21,970 yuan/ton, down 115 yuan or 0.52%, and the position increased by 1,942 to 41,156 lots [7] - Market Analysis: The TC this week was flat compared with last week. The domestic zinc mine output will increase seasonally from May to June, and the processing fee has room to rise. The imported zinc ore inventory is over 350,000 tons. The demand is in the off - peak season, and the tariff policy relaxation has limited boost to the downstream. The spot premiums in Tianjin and Guangdong increased, while that in Shanghai remained stable, and the spot trading was poor [7] 2. Industry News - 0 Zinc in Mainstream Markets on May 26, 2025: In the mainstream market, the price of 0 zinc was 22,590 - 22,735 yuan/ton, and Shuangyan was 22,790 - 22,935 yuan/ton. In the morning, the market quoted a premium of 40 - 60 yuan/ton to the average price. In the second trading session, the ordinary domestic brand quoted a premium of 250 - 260 yuan/ton to the 2506 contract, SMC quoted a premium of 230 yuan/ton to the 2506 contract, and Shuangyan quoted a premium of 450 yuan/ton to the 2506 contract [8] - Zinc in Ningbo Market: The price of mainstream 0 zinc brands was about 22,620 - 22,755 yuan/ton. The regular brands in Ningbo quoted a premium of 265 yuan/ton to the 2506 contract and a premium of 70 yuan/ton to the Shanghai spot. In the first period, Qilin quoted a premium of 270 yuan/ton to the 2506 contract, and Hualian quoted a delivered premium of 330 yuan/ton to the 2506 contract. In the second period, the traders' quotes remained the same as the previous period [8] - Zinc in Tianjin Market: The price of 0 zinc ingots was 22,540 - 22,730 yuan/ton, and Zijin was 22,600 - 22,760 yuan/ton. 0 zinc generally quoted a premium of 200 - 250 yuan/ton to the 2506 contract, and Zijin quoted a premium of 260 - 280 yuan/ton to the 2506 contract. By the noon close, Xinzi quoted a premium of 200 - 230 yuan/ton to the 06 contract, Hongye quoted 250 yuan/ton to the 06 contract, and Zijin quoted a premium of 260 - 280 yuan/ton to the 06 contract [8] - Zinc in Guangdong Market: The price of mainstream 0 zinc was 22,515 - 22,730 yuan/ton. The mainstream brands quoted a premium of 370 yuan/ton to the 2507 contract and a discount of 20 yuan/ton to the Shanghai spot. In the first period, the holders quoted a premium of 390 - 400 yuan/ton for Qilin, Mengzi, and Lanxing. In the second period, Qilin, Mengzi, and Danxia quoted a premium of 400 - 440 yuan/ton to the net price [9] 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [12][13]