锌：供应过剩或渐显，偏承压

Report Summary 1. Report Industry Investment Rating - The investment rating of the zinc industry is bearish, with a trend strength of -1, indicating a relatively negative outlook [1]. 2. Report's Core View - The zinc market may face a situation of supply surplus, leading to downward pressure on prices [1]. 3. Summary by Related Catalogs Fundamental Tracking - Price: The closing price of SHFE zinc main contract was 21,675 yuan/ton, down 0.87%, while the LME 3M electronic zinc contract closed at $2,649/ton, up 0.09% [1]. - Volume and Open Interest: The trading volume of SHFE zinc main contract was 91,557 lots, a decrease of 22,924 lots, and the open interest was 105,123 lots, an increase of 17,484 lots. The LME zinc trading volume was 6,815 lots, an increase of 38 lots, and the open interest was 207,970 lots, an increase of 1,564 lots [1]. - Premium and Discount: The premium of Shanghai 0 zinc was 115 yuan/ton, down 25 yuan/ton; the premium of Guangdong 0 zinc was 220 yuan/ton, down 85 yuan/ton; the premium of Tianjin 0 zinc was 105 yuan/ton, down 45 yuan/ton. The LME CASH - 3M premium was -$24.65/ton, an increase of $2.24/ton [1]. - Inventory: The SHFE zinc futures inventory was 8,743 tons, an increase of 148 tons, and the LME zinc inventory was 126,225 tons, a decrease of 1,250 tons [1]. News - Since the Israel - Iran conflict, Iranian senior officials had their first face - to - face talks with Western countries. Iran insisted that an Israeli cease - fire was a prerequisite for diplomatic solutions, but the talks did not break the deadlock. The Iranian president's spokesman said that Iran would not stop nuclear enrichment but might reduce it. Media reported that Iran was ready to discuss limiting uranium enrichment but refused zero enrichment. Israel was preparing for a long - term war with Iran [1].