锌：短期减仓上行

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoint - Zinc shows a short - term upward trend with reduced positions [1] Group 3: Summary by Related Content Fundamental Tracking - Price and Volume: The closing price of SHFE zinc main contract was 21,780 yuan/ton, up 0.48%; the closing price of LME zinc 3M electronic disk was 2,649 dollars/ton, up 0.09%. The trading volume of SHFE zinc main contract was 111,405 lots, an increase of 19,848 lots; the trading volume of LME zinc was 6,815 lots, an increase of 38 lots. The open interest of SHFE zinc main contract was 110,868 lots, an increase of 5,745 lots; the open interest of LME zinc was 209,914 lots, an increase of 1,944 lots [1] - Premium and Discount: Shanghai 0 zinc premium was 100 yuan/ton, down 15 yuan/ton; LME CASH - 3M premium was - 24.65 dollars/ton, up 2.24 dollars/ton. The import bill of lading premium was 135 dollars/ton, unchanged [1] - Inventory: SHFE zinc futures inventory was 7,719 tons, down 1,024 tons; LME zinc inventory was 125,900 tons, down 325 tons. LME zinc cancelled warrants were 33,400 tons, an increase of 1,125 tons [1] News - Iran attacked a US military base in Qatar without mentioning an attack on energy infrastructure. Trump thanked Iran for "advance notice" and said Iran's response was "very weak", causing a plunge in crude oil prices. Trump said that Israel and Iran had fully agreed to a comprehensive cease - fire to be implemented in stages, and Iranian officials confirmed the acceptance of the cease - fire to the media. Israeli media reported that Israel informed Iran that it sought to end the conflict within "a few days" [2] Trend Intensity - The zinc trend intensity is 0, with the range of [- 2,2], representing a neutral view [2]