锌：上方偏承压

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the report 2. Core View - The price of zinc is under pressure on the upside [1] - The trend strength of zinc is -1, indicating a weak bearish outlook [2] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Prices: The closing price of SHFE zinc main contract was 22,385 yuan/ton, up 0.20% from the previous day; the closing price of LME zinc 3M electronic disk was 2,662.5 dollars/ton, down 0.95% [1] - Volumes and Positions: The trading volume of SHFE zinc main contract was 173,548 lots, an increase of 26,673 lots; the trading volume of LME zinc was 10,645 lots, a decrease of 762 lots. The open interest of SHFE zinc main contract was 119,647 lots, a decrease of 4,939 lots; the open interest of LME zinc was 216,963 lots, a decrease of 851 lots [1] - Premiums and Discounts: The premium of Shanghai 0 zinc was 345 yuan/ton, a decrease of 110 yuan/ton; the premium of LME CASH - 3M was -35.6 dollars/ton, a decrease of 0.09 dollars/ton [1] - Imports and Exports: The import profit and loss of zinc ingot spot was -443.38 yuan/ton, a decrease of 34.81 yuan/ton; the import profit and loss of SHFE zinc continuous third contract was -973.91 yuan/ton, an increase of 43.43 yuan/ton [1] - Inventories: The inventory of SHFE zinc futures was 2,004 tons, unchanged; the inventory of LME zinc was 136,975 tons, a decrease of 175 tons [1] - Related Products: The price of 1.0mm hot - dipped galvanized coil was 4,205 yuan/ton, unchanged; the price of zinc oxide ≥99.7% was 21,600 yuan/ton, a decrease of 200 yuan/ton [1] 3.2 News - In May in the US, non - farm payrolls increased by 139,000, the lowest since February, and the data for the previous two months was revised down by a total of 95,000. The unemployment rate was 4.2%. The "New Fed Wire" said that the slowdown in employment may not represent economic weakness, allowing the Fed to stay on hold in the summer [2]