Report Information - Report Name: Zinc Futures Daily Report [1] - Date: July 18, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - The main contract of SHFE zinc switched to 2508, closing at 22,130 yuan/ton, up 115 yuan or 0.52%. It showed reduced volume and decreased positions, with positions decreasing by 11,088 lots to 67,223 lots. The spread between the 08 and 09 contracts was 10 [7]. - The inventory trends of domestic and overseas markets continued to diverge. LME zinc had a cumulative delivery of 16,225 tons, and the inventory increased to 121,475 tons. The 0 - 3C was 8.95, and the SHFE - LME ratio was 8.18, with the import window deeply closed. Domestic social inventory increased for the fourth consecutive week, reaching 93,500 tons [7]. - The downstream orders were weak. In the first half of the week, the decline in the market led to better trading, but in the second half, it basically maintained rigid procurement. The premium in the Shanghai market for the 08 contract was 40 - 50 yuan/ton, the Tianjin market was at a discount of 40 yuan/ton compared to the Shanghai market, and the Guangdong market was at a discount of 40 yuan/ton for the 09 contract. The price difference between Shanghai and Guangdong remained stable [7]. - Fundamentally, there were limited changes. The domestic consumption side was squeezed by both the off - season and weak exports. The off - season inventory accumulation trend was realized. It rebounded in the short term due to macro news, but the upward driving force was weak, and it fluctuated weakly around 22,000 yuan/ton [7]. Industry News - On July 17, 2025, the mainstream transaction price of 0 zinc was 22,090 - 22,200 yuan/ton, and Shuangyan was traded at 22,170 - 22,300 yuan/ton. The mainstream transaction price of 1 zinc was 22,020 - 22,130 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,080 - 22,170 yuan/ton. The regular brands in Ningbo offered a premium of 20 yuan/ton for the 2508 contract and were at par with the Shanghai spot price [8]. - In the Tianjin market, 0 zinc ingots were mainly traded at 22,030 - 22,150 yuan/ton, and Zijin was traded at 22,050 - 22,170 yuan/ton. 1 zinc ingots were traded at around 21,930 - 22,040 yuan/ton. Huludao was priced at 23,060 yuan/ton. The 0 zinc in Tianjin was at a discount of 0 - 20 yuan/ton for the 2508 contract, and Zijin was at a premium of 0 - 20 yuan/ton for the 2508 contract. The Tianjin market was at a discount of about 40 yuan/ton compared to the Shanghai market [8][9]. - In the Guangdong market, the mainstream 0 zinc was traded at 21,990 - 22,130 yuan/ton. The mainstream brands offered a discount of 40 yuan/ton for the 2509 contract and a discount of 80 yuan/ton for the Shanghai spot price. The price difference between Shanghai and Guangdong remained stable [9].
锌期货日报-20250718
Jian Xin Qi Huo·2025-07-18 01:42