锌：价格相对承压

1. Report Industry Investment Rating - No information about the report industry investment rating is provided. 2. Core View of the Report - The price of zinc is relatively under pressure [1] 3. Summary According to the Table of Contents 3.1 Fundamentals Tracking - Price and Volume: The closing price of SHFE zinc main contract was 22,330 yuan/ton, up 0.65%; the closing price of LME zinc 3M electronic disk was 2,712.5 dollars/ton, up 0.30%. The trading volume of SHFE zinc main contract was 343,177 lots, an increase of 200,438 lots; the trading volume of LME zinc was 8,813 lots, an increase of 488 lots. The open interest of SHFE zinc main contract was 121,568 lots, an increase of 3,048 lots; the open interest of LME zinc was 212,114 lots, a decrease of 866 lots [1] - Premium and Discount: The premium of Shanghai 0 zinc was 200 yuan/ton, an increase of 5 yuan/ton; the premium of Guangdong 0 zinc was 405 yuan/ton, an increase of 35 yuan/ton; the premium of Tianjin 0 zinc was 200 yuan/ton, an increase of 5 yuan/ton. The LME CASH - 3M discount was -23.51 dollars/ton, a decrease of 1.01 dollars/ton; the import bill of lading premium was 150 dollars/ton, unchanged [1] - Inventory: The SHFE zinc futures inventory was 1,774 tons, unchanged; the LME zinc inventory was 151,150 tons, a decrease of 2,350 tons. The LME zinc cancelled warrants were 71,150 tons, a decrease of 2,175 tons [1] - Related Products Price: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,200 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 71,150 yuan/ton, a decrease of 2,175 yuan/ton; the price of zinc oxide ≥99.7% was 21,700 yuan/ton, an increase of 100 yuan/ton [1] 3.2 News - Trump rarely praised the EU and was encouraged by the acceleration of trade negotiations. Europe is "accelerating" negotiations with the US while threatening to make US technology companies "targets of retaliation" [2] 3.3 Trend Intensity - The trend intensity of zinc is 0, indicating a neutral view [2]