锌期货日报-20250731

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 31, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - The Politburo meeting had no unexpectedly stimulating policies and emphasized regulating disorderly competition. The non - ferrous sector oscillated narrowly. The main contract of Shanghai zinc 2509 closed at 22,670 yuan/ton, up 10 yuan with a 0.04% increase, with volume up and positions down. The zinc concentrate processing fee continued to rise, and the overall zinc ingot supply remained strong. Although infrastructure demand may increase in the second half of the year, short - term downstream demand was weak, and domestic and foreign inventories were diverging. The zinc market was in a weak oscillation [7]. Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc 2508, it opened at 22,595 yuan/ton, closed at 22,635 yuan/ton, up 10 yuan with a 0.04% increase, and the open interest decreased by 3,108 lots to 17,354 lots. For SHFE zinc 2509, it opened at 22,640 yuan/ton, closed at 22,670 yuan/ton, up 10 yuan with a 0.04% increase, and the open interest decreased by 1,371 lots to 116,245 lots. For SHFE zinc 2510, it opened at 22,640 yuan/ton, closed at 22,695 yuan/ton, up 30 yuan with a 0.13% increase, and the open interest increased by 7,261 lots to 61,298 lots [7]. - Market Analysis: The processing fee continued to rise, and the overall zinc ingot supply was strong. Although infrastructure demand may increase in the second half of the year, short - term downstream demand was weak. Domestic social inventory increased by 0.54 million tons to 10.37 million tons, while LME zinc inventory decreased by 3,100 tons to 109,050 tons. The spot premium was weak, and the zinc market was in a weak oscillation [7]. 2. Industry News - July 30, 2025: The mainstream transaction price of 0 zinc was 22,680 - 22,780 yuan/ton, and that of 1 zinc was 22,610 - 22,710 yuan/ton. Different regions had different price ranges and premium/discount situations. For example, in the Ningbo market, the mainstream brand 0 zinc was traded at 22,640 - 22,720 yuan/ton [8][9]. 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [10][12]