沪锌期货早报-20250718

Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The zinc market shows a trend of oscillating and strengthening. The overall sentiment is relatively positive, but there may be short - term oscillations. The report suggests that the Shanghai zinc contract ZN2509 will oscillate and strengthen [2][18]. 3. Summary According to Relevant Catalogs 3.1 Zinc Fundamental Data - In April 2025, global zinc sheet production was 1153000 tons, consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons [2]. - The spot price of zinc was 22140, and the basis was +20, showing a neutral situation [2]. - On July 17, LME zinc inventory increased by 125 tons to 121475 tons, and the Shanghai Futures Exchange zinc inventory warrants decreased by 598 tons to 11563 tons, also neutral [2]. - The previous day, Shanghai zinc showed an oscillating and rebounding trend, closing above the 20 - day moving average, with the 20 - day moving average trending upwards, indicating a positive situation [2]. - The main positions were net long, and the long positions increased, which is positive [2]. 3.2 Zinc Futures Market Quotes on July 17 - Multiple zinc futures contracts showed price increases. For example, the contract 2509 had an opening price of 21990, a closing price of 22120, and a price increase of 120. The total trading volume of all contracts was 194120 lots, and the total trading value was 2141848110 yuan [3]. 3.3 Domestic Main Spot Market Quotes on July 17 - The prices of various zinc - related products increased. Zinc concentrate in Linlizhou was priced at 16850 yuan/ton (+50), zinc ingots in Langshang were 22140 yuan/ton (+70), etc [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (July 7 - July 17, 2025) - The total inventory in major Chinese markets remained at 7.42 million tons on July 17. Compared with July 10, there were increases and decreases in different regions, with a net change of 0 [5]. 3.5 Zinc Warehouse Receipt Report of the Futures Exchange on July 17 - The total zinc warehouse receipts were 11563 tons, a decrease of 598 tons. Decreases mainly occurred in Guangdong and Tianjin [6]. 3.6 LME Zinc Inventory Distribution and Statistics on July 17 - The LME zinc inventory increased by 125 tons to 121475 tons [7]. 3.7 National Market Zinc Ingot Smelter Price Quotes on July 17 - The prices of zinc ingots from different smelters increased. For example, the price of 0 zinc ingots from Hunan Zhuzhou Smelting was 22470 yuan/ton (+60), and that from a certain producer was 26310 yuan/ton (+960) [12]. 3.8 Domestic Refined Zinc Production in June 2025 - The planned production value in June was 459700 tons, and the actual production was 471800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The planned production for July is 470300 tons [14]. 3.9 Zinc Concentrate Processing Fee Quotes on July 17 - Domestic zinc concentrate processing fees for different regions with a 50% grade ranged from 3400 - 4000 yuan/metal ton, and the import processing fee for 48% grade was 60 US dollars/dry ton [16]. 3.10 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on July 17 - In the zinc contract zn2509, in terms of trading volume, Citic Futures ranked first with 23753 lots, an increase of 5493 lots. In terms of long positions, Citic Futures also ranked first with 20897 lots, an increase of 503 lots. In terms of short positions, Citic Futures ranked first with 12007 lots, an increase of 1004 lots [17]. 3.11 Short - term View - The previous trading day, Shanghai zinc showed an oscillating and rebounding trend, with increased trading volume. Both long and short positions increased, with more short - position increases. Technically, the price closed above the long - term moving average, the short - term indicator KDJ rose, and the trend indicator showed that the long - term strength decreased while the short - term strength increased, and the market may oscillate in the short term [18].