建信期货锌期货日报-20250708

Group 1: Report Overview - Report Name: Zinc Futures Daily Report [1] - Date: July 8, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The U.S. June non - farm payrolls significantly exceeded expectations, cooling the market's bets on a September rate cut. The rebound of the U.S. dollar index suppressed the non - ferrous sector. With Trump's new tariff plan and the approaching July 9 tariff deadline, risk - aversion sentiment rose. Combined with the fundamental situation of increasing supply and weakening demand in the zinc market, the zinc price declined. However, downstream price - fixing at low points improved trading [7] Group 4: Market Review Futures Market | Contract | Opening Price (Yuan/Ton) | Closing Price (Yuan/Ton) | High (Yuan/Ton) | Low (Yuan/Ton) | Change | Change Rate | Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | SHFE Zinc 2507 | 22335 | 22135 | 22340 | 22075 | - 260 | - 1.16% | 4040 | - 1295 | | SHFE Zinc 2508 | 22340 | 22090 | 22360 | 22040 | - 260 | - 1.16% | 126532 | - 1468 | | SHFE Zinc 2509 | 22290 | 22040 | 22295 | 21980 | - 250 | - 1.12% | 88885 | - 448 | - The main SHFE zinc contract closed at 22090 yuan/ton, down 260 yuan with a 1.16% decline. Trading volume increased while open interest decreased. LME zinc inventory decreased by 1725 tons to 110600 tons, the 0 - 3 spread was C21.64, and the import profit and loss was - 939.54 yuan/ton, with the import window closed. The processing fee continued to rise. Although some smelters had maintenance in July, the overall industry's high - level operation due to good smelter profits led to an increase in zinc ingot supply. The consumption entered the off - season and weakened. The inventory on Monday increased by 0.67 million tons to 8.91 million tons. The downstream price - fixing at low points improved trading, with the Shanghai market at a premium of 160 yuan over the 08 contract, the Tianjin market at a discount of 70 yuan to the Shanghai market, and the Guangdong market at a premium of 20 yuan over the 08 contract [7] Group 5: Industry News Price and Premium in Different Regions - On July 7, 2025, the mainstream transaction price of 0 zinc was 22220 - 22420 yuan/ton, and the double - swallow brand was 22260 - 22450 yuan/ton. The 1 zinc was 22150 - 22350 yuan/ton. The morning market quoted a premium of 50 - 80 yuan/ton over the SMM average price, with fewer quotes against the futures price. In the second trading session, ordinary domestic brands quoted a premium of 160 - 170 yuan/ton over the 2508 contract [8] - In the Ningbo market, the mainstream 0 zinc transaction price was 22180 - 22340 yuan/ton. The regular brands quoted a premium of 90 yuan/ton over the 2508 contract and were at par with the Shanghai spot price [8] - In the Tianjin market, the 0 zinc ingot mainstream transaction price was 22110 - 22290 yuan/ton, and the Zijin brand was 22150 - 22310 yuan/ton. The 1 zinc ingot was 22010 - 22170 yuan/ton. The 0 zinc quoted a premium of 0 - 20 yuan/ton over the 2507 contract, and the Zijin brand quoted a premium of 20 - 30 yuan/ton over the 2507 contract. The Tianjin market was at a discount of 70 yuan to the Shanghai market [8][9] - In the Guangdong market, the 0 zinc mainstream transaction price was 22090 - 22290 yuan/ton. The mainstream brands quoted a premium of 20 yuan/ton over the 2508 contract and a discount of 70 yuan to the Shanghai spot price, and the Shanghai - Guangdong price difference widened [9] Group 6: Data Overview - No specific data overview analysis provided, only the source of data and related charts (such as the trend of zinc prices in two markets, SHFE monthly spread, SMM seven - region weekly zinc ingot inventory, and LME zinc inventory) were mentioned [10][15]