建信期货锌期货日报-20250703

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 3, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Report Industry Investment Rating - Not provided Core Viewpoints - The zinc market is in a pattern of increasing supply and weakening demand, with the pressure of inventory accumulation gradually emerging, and the medium - term idea is still to be bearish [7]. - Recently, macroeconomic data shows market resilience, and non - ferrous metals are boosted to fluctuate strongly, but the weak demand of Shanghai zinc restricts it from rising, and there is no directional drive for now [7]. Summary by Directory 1. Market Review - Futures Market: Shanghai zinc mainly fluctuated sideways. The main contract closed at 22,230 yuan/ton, down 25 yuan, a decrease of 0.11%. The trading volume decreased, and the open interest decreased by 4,670 lots to 129,763 lots. The destocking speed of LME zinc accelerated this week, and the LME zinc level dropped to 113,425 tons, but the 0 - 3C spread widened to 18.75. The Shanghai - London ratio increased slightly, the import profit and loss was repaired, but the import window remained closed [7]. - Supply and Demand: Imported ore is still at a high level, the supply of the ore end is relatively loose, and the processing fee continues to rise. Although some smelters will have maintenance in July, the overall industry start - up is at a high level due to good smelter profits, and the zinc ingot supply still has an increase. The consumption end has entered the off - season and is gradually weakening [7]. - Spot Market: The spot premiums in the three regions remained stable compared with the previous day. Shanghai has a premium of 160 - 170 yuan/ton over the 08 contract, Tianjin reports a discount of 70 yuan/ton compared with Shanghai, and the trading in Guangdong is relatively light, with a premium of 45 - 85 yuan/ton over the 08 contract [7]. 2. Industry News - Price and Premium in Different Regions: On July 2, 2025, the mainstream transaction prices of 0 zinc in different regions are as follows: in the mainstream market, it is 22,305 - 22,415 yuan/ton; in Ningbo, it is 22,235 - 22,325 yuan/ton; in Tianjin, it is 22,190 - 22,310 yuan/ton; in Guangdong, it is 22,190 - 22,330 yuan/ton. The premium situations in different regions and contracts are also detailed [8][9]. 3. Data Overview - Data Sources: The data sources include Wind and the Research and Development Department of CCB Futures, and some data are from SMM [12][13][16] - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventories, and LME zinc inventories [13][17]