锌：震荡走弱

Group 1: Report Industry Investment Rating - Zinc investment rating indicates a downward trend, with a trend strength of -1 [3] Group 2: Core View of the Report - The zinc market is expected to fluctuate and weaken [1] Group 3: Summary by Relevant Catalogs 1. Zinc Market Data - The closing price of Shanghai Zinc's main contract was 22,645 yuan/ton, down 1.05% from the previous day; the closing price of LME Zinc 3M electronic trading was 2,829 dollars/ton, down 0.40% [1] - The trading volume of Shanghai Zinc's main contract was 193,107 lots, an increase of 41,021 lots; the trading volume of LME Zinc was 8,275 lots, a decrease of 2,398 lots [1] - The open interest of Shanghai Zinc's main contract was 124,461 lots, a decrease of 4,767 lots; the open interest of LME Zinc was 188,773 lots, a decrease of 1,902 lots [1] - The premium of Shanghai 0 zinc was 0 yuan/ton, an increase of 20 yuan/ton; the LME CASH - 3M premium was -1.8 dollars/ton, a decrease of 10.8 dollars/ton [1] - The premium of Guangdong 0 zinc was -95 yuan/ton, a decrease of 5 yuan/ton; the import bill of lading premium was 135 dollars/ton, unchanged [1] - The premium of Tianjin 0 zinc was -50 yuan/ton, an increase of 20 yuan/ton; the spot import profit and loss of zinc ingots was -1,546.1 yuan/ton, a decrease of 34.31 yuan/ton [1] - The difference between ZN00 and ZN01 was -30 yuan/ton, an increase of 10 yuan/ton; the import profit and loss of Shanghai Zinc's third - consecutive contract was -1,360.31 yuan/ton, a decrease of 46.07 yuan/ton [1] - Shanghai Zinc's futures inventory was 13,767 tons, an increase of 478 tons; LME Zinc's inventory was 115,500 tons, a decrease of 275 tons [1] - The tax - included price of 1.0mm hot - dipped galvanized coil was 4,385 yuan/ton, unchanged; LME Zinc's cancelled warrants were 54,950 tons, an increase of 150 tons [1] - The price of Shanghai Zamak - 5 zinc alloy was 23,825 yuan/ton, a decrease of 120 yuan/ton; LME off - warrant (T + 3) was 19,243 tons, a decrease of 2,712 tons [1] - The price of Shanghai Zamak - 3 zinc alloy was 23,275 yuan/ton, a decrease of 120 yuan/ton; the price of zinc oxide ≥99.7% was 21,600 yuan/ton, a decrease of 100 yuan/ton [1] 2. News - Trump shortened the deadline for reaching an agreement with Russia on the Russia - Ukraine conflict to 10 - 12 days, causing crude oil to rise nearly 3% during the session [2] - Chile expects to obtain tariff exemptions from Trump, which caused New York copper to fall more than 6% and copper mining stocks to generally decline [2][3]