锌：窄幅调整

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report focuses on the zinc market, indicating that zinc is in a narrow - range adjustment. The trend strength of zinc is 0, showing a neutral state [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price and Volume: The closing price of the Shanghai zinc main contract was 21,920 yuan/ton, up 0.64%; the closing price of the LME zinc 3M electronic disk was 2,686 dollars/ton, up 1.40%. The trading volume of the Shanghai zinc main contract was 185,998 lots, an increase of 74,593 lots; the trading volume of LME zinc was 12,083 lots, an increase of 5,268 lots [1]. - Position and Premium: The position of the Shanghai zinc main contract was 121,470 lots, an increase of 10,602 lots; the position of LME zinc was 212,837 lots, an increase of 2,923 lots. The premium of Shanghai 0 zinc was 95 yuan/ton, down 5 yuan/ton; the LME CASH - 3M premium was - 26 dollars/ton, down 1.35 dollars/ton [1]. - Inventory: Shanghai zinc futures inventory was 7,471 tons, a decrease of 248 tons; LME zinc inventory was 123,450 tons, a decrease of 2,450 tons [1]. 3.2 News - Powell's first day of congressional hearings: Reiterated a wait - and - see approach, considering action under certain conditions, not ruling out the possibility of an early interest rate cut. There are many possible scenarios, but the data for June and July are important. "New Fed Wire" reported that Powell did not rule out a rate cut in July but hinted that it was more likely to wait until at least September [1].