Report Overview - Reported variety: Shanghai Zinc [1] - Writing time: May 27, 2025 [1] - Review period: Daily [1] - Researcher: Cao Baiquan [2] - Consultation license number: Z0019820 [2] 1. Market Performance - On May 27, 2025, the closing price of the main Shanghai Zinc contract ZN2507 was 22,330 yuan/ton, up 0.61% from the previous trading day, with a trading volume of 38.46 billion yuan and an open interest of 121,600 lots [3] 2. Supply Situation - The processing fee (TC) of domestic zinc smelters is on an upward trend, and it is expected to continue rising in June, with stable smelting profits [3] - Maintenance of zinc mines in the Southwest region has affected the concentrate output by over 1,000 metal tons, and a smelter in the South China region has extended its maintenance period, leading to a short - term local supply contraction [3] 3. Demand Situation - Orders of processing enterprises have not shown significant growth, indicating weak restocking motivation in the manufacturing industry [3] - Terminal procurement is mainly for刚需, and demand in the real estate and infrastructure sectors is weak [3] 4. Overall Outlook - Low inventory supports prices, but the expectation of ample supply limits the upside potential. In the short term, the market will be range - bound [3] - Attention should be paid to the progress of maintenance resumption in the Southwest region and changes in LME inventory [3]
国金期货沪锌日度报告-20250528
Guo Jin Qi Huo·2025-05-28 11:16