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锌产业周报-20250623
Dong Ya Qi Huo·2025-06-23 02:26
  1. Report Industry Investment Rating No information provided. 2. Core Viewpoints Bullish Factors - The closure of the import window has led to a decrease in overseas inflows, and the downstream's demand for replenishing inventory at low prices has suppressed inventory accumulation, alleviating concerns about oversupply [3]. - Social inventory has not continued to rise, and market sentiment has stabilized, supporting zinc prices [3]. Bearish Factors - The downstream's raw material inventory remains at a high level, and the seasonal decline in the operating rate has put pressure on the demand side [3]. - The high - production expectation of smelters continues, and the increase in supply intensifies the oversupply pressure [3]. Trading Advisory Viewpoint The Shanghai zinc market shows a pattern of shock adjustment, with both bullish and bearish factors intertwined [3]. 3. Summary by Related Catalogs Processing and Terminal Demand - The report presents data on the market sentiment index, weekly inventory, and weekly output of galvanized coils, as well as the net export seasonality of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide [5][6][9]. - It also includes data on real estate development investment, engineering progress, sales area, and unsold area, 30 - major - city commercial housing transaction volume, and infrastructure fixed - asset investment [12][14][17][19]. Futures and Spot Market Review - It shows the trends of domestic and foreign zinc prices, the trading volume and open interest of Shanghai zinc futures, the relationship between LME zinc closing price and the US dollar index, LME zinc basis, and the basis of zinc ingots in three regions [23][24][29]. Supply and Supply - Side Profits - The report provides data on the monthly import volume of zinc concentrates, zinc concentrate TC, SMM monthly zinc ingot production, China's monthly zinc ingot production and import volume, zinc concentrate raw material inventory days, and LME and SHFE zinc inventories [34][37][38].