建信期货锌期货日报-20250611

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 11, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Report Content 1. Market Review - Futures Market Performance: The Shanghai zinc futures continued to decline. For example, the contract 2507 opened at 21,945 yuan/ton, closed at 21,845 yuan/ton, down 280 yuan or 1.27%. The low point reached 21,760 yuan/ton. The short - position holders took profits, and the open interest decreased by 647 lots to 135,071 lots. The net short position of the top 20 seats decreased by 2,060 lots [7]. - Inventory and Premium: The LME zinc inventory decreased by 1,050 lots to 134,550 tons. The 0 - 3 spread was C35.03, and the Shanghai - LME ratio was 8.39. The spot import loss was - 419.88 yuan/ton. The downstream replenished at low prices, and the spot premiums in three regions remained stable. The premiums in Shanghai and Tianjin for the 07 contract were 380 and 330 respectively, and that in Guangdong was 285. The Shanghai - Guangdong spread narrowed [7]. - Fundamentals: The expectation of a loose zinc ore supply remained unchanged. The imported zinc ore TC was flat at $45/ton, and the domestic TC increased by 100 to 3,600 yuan/ton. The overall profit improved. In May, unexpected maintenance increased, dragging down the refined zinc output. In June, the output increased month - on - month. The supply increased marginally, putting pressure on the upside. The demand entered the off - season, with poor order follow - up from downstream enterprises. The finished product inventory was on the rise, and the social inventory increased to over 80,000 tons. The Shanghai zinc was still in a weak operation, although the downward momentum on the hourly chart weakened [7]. 2. Industry News - Price and Premium in Different Regions: On June 10, 2025, the mainstream transaction prices of 0 zinc were in the range of 22,165 - 22,320 yuan/ton, and for 1 zinc, it was 22,095 - 22,250 yuan/ton. In different markets, the premiums for different brands and contracts varied. For example, in Shanghai, the common domestic brands offered premiums of 360 - 380 yuan/ton for the 2507 contract; in Ningbo, the mainstream brands offered a premium of 295 yuan/ton for the 2507 contract; in Tianjin, the 0 zinc offered premiums of 24 - 300 yuan/ton for the 2507 contract; in Guangdong, the mainstream brands offered a premium of 285 yuan/ton for the 2507 contract, and the Shanghai - Guangdong spread narrowed [8][9]. 3. Data Overview - Data Charts: The report presented charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventories, and LME zinc inventories, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [10][11]