锌：区间运行

Report Summary 1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core View - The zinc market is expected to operate within a range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Prices: The closing price of SHFE zinc main contract was 22,230 yuan/ton, down 0.11% from the previous day. The closing price of LME zinc 3M electronic disk was 2,713.5 dollars/ton, down 1.00% [1]. - Trading Volume: The trading volume of SHFE zinc main contract was 128,020 lots, a decrease of 50,663 lots. The trading volume of LME zinc was 12,773 lots, an increase of 685 lots [1]. - Open Interest: The open interest of SHFE zinc main contract was 129,763 lots, a decrease of 4,670 lots. The open interest of LME zinc was 209,218 lots, an increase of 837 lots [1]. - Premiums and Discounts: The premium of Shanghai 0 zinc was 105 yuan/ton, an increase of 70 yuan/ton. The LME CASH - 3M discount was -12.5 dollars/ton, a decrease of 9.5 dollars/ton [1]. - Inventory: The SHFE zinc futures inventory was 6,624 tons, a decrease of 200 tons. The LME zinc inventory was 117,475 tons, an increase of 2,575 tons [1]. 3.2 News - The US ADP employment in June decreased by 33,000, the first monthly decline in more than three years. UBS and Citigroup warned that the cooling of the job market may accelerate interest rate cuts [2]. 3.3 Trend Intensity - The zinc trend intensity was 0, indicating a neutral outlook [2].