建信期货锌期货日报-20250730

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 30, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - The commodity market sentiment declined. The main contract of SHFE zinc closed at 22,655 yuan/ton, down 80 yuan or 0.35%. The total long and short positions of the top 20 seats both decreased, and the net long positions decreased by 3,447 lots. [7] - The processing fee continued to rise. The imported zinc concentrate index rose to $76.25 per dry ton, and the weekly processing fee of domestic Zn50 zinc concentrate remained flat at 3,800 yuan/ton. With the profits from sulfuric acid and minor metals at a high level year-on-year, enterprises' production enthusiasm was high, and some new zinc ingot production capacities were gradually released. The overall zinc ingot supply remained strong. [7] - In the second half of the year, infrastructure investment may increase the demand for zinc. However, the short-term operating rates of galvanizing and die-casting zinc remained at a low level compared to the same period, and downstream buyers were cautious due to high prices. [7] - The inventory performance was divided between domestic and overseas markets. The domestic social inventory increased by 0.54 million tons to 10.37 million tons, while the LME zinc inventory continued to decrease by 3,350 tons to 112,150 tons. The 0 - 3 spread was 1.95C, and the cancelled warrant ratio was 48.64%. [7] - The spot premium remained basically stable. The Shanghai market had a premium of 80 yuan/ton over the 08 contract, 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 80 yuan/ton compared to the 09 contract and 40 yuan/ton compared to the Shanghai market. The price difference between Shanghai and Guangdong narrowed. [7] - The zinc concentrate supply remained loose, and the surplus pressure during the off - season of demand was gradually reflected in the inventory. Although the short - term sentiment declined, the anti - involution was not over, and SHFE zinc oscillated weakly. [7] Summary by Directory 1. Market Review - Futures Market Quotes: - SHFE zinc 2508 opened at 22,630 yuan/ton, closed at 22,610 yuan/ton, with a high of 22,690 yuan/ton, a low of 22,555 yuan/ton, down 70 yuan or 0.31%. The open interest was 20,462 lots, a decrease of 5,070 lots. [7] - SHFE zinc 2509 opened at 22,645 yuan/ton, closed at 22,655 yuan/ton, with a high of 22,725 yuan/ton, a low of 22,580 yuan/ton, down 80 yuan or 0.35%. The open interest was 117,616 lots, a decrease of 6,845 lots. [7] - SHFE zinc 2510 opened at 22,665 yuan/ton, closed at 22,675 yuan/ton, with a high of 22,735 yuan/ton, a low of 22,585 yuan/ton, down 65 yuan or 0.29%. The open interest was 54,037 lots, an increase of 3,567 lots. [7] - Supply and Demand: The supply of zinc ingots was strong, and the demand was weak in the short term. The inventory performance was divided between domestic and overseas markets. [7] - Spot Market: The spot premium remained stable, and the price difference between regions changed. [7] 2. Industry News - Shanghai Market: On July 29, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,650 - 22,785 yuan/ton, and the double - swallow brand was traded between 22,730 - 22,855 yuan/ton. The 1 zinc was traded between 22,580 - 22,715 yuan/ton. [8] - Ningbo Market: The mainstream transaction price of 0 zinc was around 22,590 - 22,705 yuan/ton. The local brands had a premium of 5 yuan/ton over the 2508 contract and a premium of 10 yuan/ton over the Shanghai spot price. [8] - Tianjin Market: The 0 zinc was traded between 22,510 - 22,660 yuan/ton, and the 1 zinc was traded around 22,430 - 22,560 yuan/ton. The Huludao brand was priced at 23,120 yuan/ton. [8][9] - Guangdong Market: The mainstream transaction price of 0 zinc was between 22,470 - 22,655 yuan/ton. The mainstream brands were at a discount of 80 yuan/ton compared to the 2509 contract and a discount of 40 yuan/ton compared to the Shanghai spot price. The price difference between Shanghai and Guangdong narrowed. [9] 3. Data Overview - The report provided figures on the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, but specific data descriptions were not detailed in the text. [11][13]