锌期货日报-20250723

Group 1: General Information - Report title: Zinc Futures Daily Report [1] - Date: July 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Quotes: - For the 2508 contract of Shanghai Zinc, the opening price was 22,430 yuan/ton, the closing price was 22,885 yuan/ton, the highest was 22,900 yuan/ton, the lowest was 22,420 yuan/ton, the change was 590 yuan, the increase rate was 2.65%, the trading volume was 46,914, and the change in trading volume was -11,190. - For the 2509 contract, the opening price was 22,420 yuan/ton, the closing price was 22,925 yuan/ton, the highest was 22,945 yuan/ton, the lowest was 22,415 yuan/ton, the change was 625 yuan, the increase rate was 2.80%, the trading volume was 133,314, and the change in trading volume was 17,346. - For the 2510 contract, the opening price was 22,375 yuan/ton, the closing price was 22,915 yuan/ton, the highest was 22,935 yuan/ton, the lowest was 22,375 yuan/ton, the change was 640 yuan, the increase rate was 2.87%, the trading volume was 38,266, and the change in trading volume was 4,110 [7]. - Market Analysis: In the context of anti - involution, the rebound strength of the black series exceeded expectations. Although the fundamentals of Shanghai Zinc were poor, it showed certain resistance to decline due to the boost of the black series. On Friday afternoon, the Ministry of Industry and Information Technology stated that it would promote key industries such as steel, non - ferrous metals, petrochemicals, and building materials to adjust their structures and optimize supply, which boosted the commodity market. Shanghai Zinc fluctuated at a high level during the day. The main 2509 contract closed at 22,945 yuan/ton, up 160 yuan, an increase of 0.70%, with increased volume and open interest. The fundamentals and the macro situation were in conflict. In August, the domestic zinc ore processing fee remained stable, the imported ore processing fee continued to rise, the port inventory of zinc concentrates increased significantly, and downstream demand was in the off - season, with limited acceptance of high prices on the disk. Spot prices in three regions were lowered, and the overall trading was light. It is expected to run strongly in the short term driven by commodity sentiment, but there is insufficient support for the upward movement of the fundamentals, so be cautious about chasing high prices [7]. Group 3: Industry News - July 22, 2025: - The mainstream transaction price of 0 zinc was concentrated between 22,755 - 22,910 yuan/ton, Shuangyan zinc was traded between 22,835 - 23,010 yuan/ton, and 1 zinc was traded between 22,685 - 22,840 yuan/ton. - In the morning, the market quoted a premium of 0 - 20 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a premium of 0 - 20 yuan/ton to the 2508 contract, Honglu - v was at par with the 2508 contract, Huize was at a premium of 60 - 80 yuan/ton to the 2508 contract, and the high - end brand Shuangyan was quoted at a premium of 80 - 120 yuan/ton to the 2508 contract [8]. - Ningbo Market: The mainstream brand 0 zinc was traded at around 22,755 - 22,890 yuan/ton. The regular brands in Ningbo were quoted at a discount of 5 yuan/ton to the 2508 contract and a premium of 10 yuan/ton to the Shanghai spot. In the first time period, Yongchang was quoted at par with the 2508 contract, Honglu - v was at par with the 2508 contract, and Huize zinc ingots were at a premium of 80 yuan/ton to the 2508 contract. In the second time period, traders' quotes remained the same as the previous period [8]. - Tianjin Market: The 0 zinc ingots were mainly traded between 22,700 - 22,890 yuan/ton, Zijin was traded between 22,740 - 22,910 yuan/ton, 1 zinc ingots were traded around 22,630 - 22,780 yuan/ton, and Huludao was quoted at 23,630 yuan/ton. The ordinary 0 zinc was quoted at a discount of 0 - 50 yuan/ton to the 2508 contract, Zijin was quoted at a discount of 10 yuan to a premium of 20 yuan/ton to the 2508 contract, and Tianjin was at a discount of about 40 yuan/ton to the Shanghai market [8][9]. - Guangdong Market: The mainstream 0 zinc was traded between 22,700 - 22,880 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2509 contract and a discount of 30 yuan/ton to the Shanghai spot, and the price difference between Shanghai and Guangdong widened [9].