锌期货日报-20250529

Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View of the Report - After the news of smelter maintenance was digested, the market returned to the oscillation range, and the main 2507 contract closed at 22,210 yuan/ton, down 200 yuan with a decline of 0.89%. The LME zinc inventory decreased by 7,700 tons to below 150,000 tons. The TC this week remained flat compared with last week. The zinc mine output in China will increase seasonally from May to June, and the processing fee still has room to rise. The demand is in the transition period between peak and off - peak seasons, and the easing of tariff policies has limited boost to zinc downstream. The spot market's concern about smelter maintenance has eased, and the spot premiums in three places have been lowered. In the medium term, the expectation of mine - end increment still exists, the supply - demand pattern remains loose, and a short - position allocation strategy should be adopted [7]. 3. Summary According to the Catalog 3.1 Market Review - Futures Market Quotes: The opening, closing, highest, lowest prices, price changes, price change rates, trading volumes, and open interest changes of different contracts of Shanghai zinc futures (2506, 2507, 2508) are presented. For example, the 2507 contract opened at 22,380 yuan/ton, closed at 22,210 yuan/ton, down 200 yuan with a decline of 0.89%, and the open interest increased by 1,439 to 123,007 lots [7]. - Market Analysis: After the news of smelter maintenance was digested, the market returned to the oscillation range, and the main 2507 contract showed a decline. The LME zinc inventory decreased significantly. The TC remained stable, and the zinc mine output is expected to increase seasonally. The demand side is in the transition period, and the spot premiums in three places have been lowered. In the medium term, the supply - demand pattern remains loose [7]. 3.2 Industry News - 0 Zinc Transactions: On May 28, 2025, the mainstream transaction prices of 0 zinc in different regions are reported. In the Shanghai market, the mainstream transaction price of 0 zinc was 22,865 - 22,970 yuan/ton; in the Ningbo market, it was 22,875 - 22,980 yuan/ton; in the Tianjin market, it was 22,790 - 22,930 yuan/ton; in the Guangdong market, it was 22,790 - 22,965 yuan/ton. Different brands have different premium quotes relative to different contracts [8][9]. - Premium Changes: The premium quotes of different brands in different regions and trading periods are detailed. For example, in the Shanghai market, the second - trading - period premium of ordinary domestic zinc to the 2506 contract was 270 yuan/ton; in the Ningbo market, the premium of the mainstream brand to the 2506 contract was 270 yuan/ton; in the Tianjin market, the premium of 0 zinc to the 2506 contract was 200 - 230 yuan/ton; in the Guangdong market, the premium of the mainstream brand to the 2507 contract was 445 yuan/ton [8][9]. 3.3 Data Overview - The report mentions various data sources such as Wind and SMM, and shows figures related to the zinc market, including the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of the two - market zinc, and SHFE's inter - month spread, but specific data is not elaborated in the provided text [13][15].