沪锌期货早报-20250529

Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The previous trading day saw Shanghai Zinc experiencing a volatile downward trend, closing with a negative candlestick, accompanied by shrinking trading volume. In terms of positions, long - positions decreased while short - positions increased, indicating a bearish trend. Technically, the price closed below the 20 - day moving average, weakening the support of the moving average. Short - term indicators suggest a weakening trend, while trend indicators show that the long - side strength is gradually gaining the upper hand. It is predicted that Shanghai Zinc ZN2507 will oscillate weakly [2][21]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In March 2025, global zinc plate production was 1.0874 million tons, consumption was 1.1335 million tons, resulting in a supply shortage of 46,000 tons. From January to March, global zinc plate production was 3.2831 million tons, consumption was 3.3848 million tons, with a supply shortage of 101,600 tons. In March, global zinc ore production was 1.0078 million tons, and from January to March, it was 2.9611 million tons [2]. 3.2 Basis - The spot price of zinc was 22,910 yuan/ton, with a basis of +700 yuan/ton [2]. 3.3 Inventory - On May 28, LME zinc inventory decreased by 7,700 tons to 143,450 tons compared to the previous day, and the SHFE zinc inventory warrants remained unchanged at 1,774 tons [2]. 3.4 Futures Exchange Zinc Futures Quotes (May 28) - The total trading volume was 249,396 lots, with a total trading value of 2.78421384 billion yuan, and the total open interest was 229,140 lots, an increase of 4,544 lots [3]. 3.5 Domestic Main Spot Market Quotes (May 28) - Zinc concentrate price was 17,670 yuan/ton, up 70 yuan/ton; zinc ingot in Shanghai was 22,910 yuan/ton, up 80 yuan/ton; galvanized sheet in China was 3,954 yuan/ton, down 7 yuan/ton; galvanized pipe in China was 4,337 yuan/ton, down 18 yuan/ton; zinc alloy in Ningbo was 23,380 yuan/ton, up 100 yuan/ton; zinc powder in Changsha was 27,770 yuan/ton, up 80 yuan/ton; zinc oxide in Taizhou was 21,050 yuan/ton, unchanged; and secondary zinc oxide in Linzhou was 7,831 yuan/ton, unchanged [4]. 3.6 National Main Market Zinc Ingot Inventory Statistics (April 30 - May 26, 2025) - Compared with last Thursday, the total inventory decreased by 31,000 tons; compared with last Monday, it decreased by 72,000 tons [5]. 3.7 Futures Exchange Zinc Warrant Report (May 28) - The total zinc warrants were 1,774 tons, with no change [6]. 3.8 LME Zinc Inventory Distribution and Statistics (May 28) - The total inventory was 143,450 tons, a decrease of 7,700 tons compared to the previous day [8]. 3.9 National Main City Zinc Concentrate Price Summary (May 28) - No detailed price information provided in the report. 3.10 National Market Zinc Ingot Smelter Price Quotes (May 28) - The prices of 0 zinc ingots from different manufacturers all increased by 100 yuan/ton [13]. 3.11 Domestic Refined Zinc Production in April 2025 - The planned production in April was 454,800 tons, the actual production was 450,400 tons, with a month - on - month increase of 2.18%, a year - on - year decrease of 0.20%, and a 0.97% shortfall compared to the plan. The capacity utilization rate was 83.15%, and the planned production in May was 444,100 tons [15]. 3.12 Zinc Concentrate Processing Fee Quotes (May 28) - Processing fees varied by region, with domestic regions mainly in the range of 3,200 - 3,800 yuan/metal ton, and the import processing fee for 48% grade was 30 - 50 dollars/kiloton [17]. 3.13 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table (May 28) - For the zn2507 contract, the total trading volume was 240,403 lots, a decrease of 225,028 lots compared to the previous day; the total long - position was 78,709 lots, a decrease of 410 lots; and the total short - position was 79,987 lots, an increase of 5,481 lots [19].