锌：短期回落

Report Summary 1. Report Industry Investment Rating - The report gives a short - term bearish rating on zinc, with a trend strength of - 1, indicating a weak bearish outlook [1]. 2. Report's Core View - The zinc market is expected to experience a short - term decline, influenced by factors such as the cooling of US inflation and changes in employment data [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of SHFE zinc main contract was 22,085 yuan/ton, down 0.25%, and the LME zinc 3M electronic trading closed at 2,651 dollars/ton, down 0.28% [1]. - Volume and Open Interest: The trading volume of SHFE zinc main contract was 118,688 lots, down 51,539 lots; the LME zinc trading volume was 9,627 lots, up 2,500 lots. The open interest of SHFE zinc main contract was 121,089 lots, down 4,690 lots; the LME zinc open interest was 206,632 lots, down 1,890 lots [1]. - Premium and Discount: Shanghai 0 zinc premium was 260 yuan/ton, down 15 yuan/ton; LME CASH - 3M discount was - 32.08 dollars/ton, up 0.97 dollars/ton [1]. - Inventory: SHFE zinc futures inventory was 5,133 tons, up 2,058 tons; LME zinc inventory was 132,025 tons, down 550 tons [1]. 3.2 News - After the CPI data, US PPI inflation also cooled. In May, the core PPI increased by 0.1% month - on - month, lower than expected, and the growth rate hit a new low in nearly a year, which led to an increase in the expectation of two interest rate cuts by the Fed this year. The number of initial jobless claims in the US last week was slightly higher than expected, and the number of continuing claims soared to the highest level since the end of 2021 [1].