锌：继续累库

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The zinc market is continuing to accumulate inventory. The prices of both Shanghai zinc futures and LME zinc futures have declined, with the Shanghai zinc main - contract closing price at 22345 yuan/ton, down 1.43%, and the LME zinc 3M electronic - disk closing price at 2795.5 dollars/ton, down 0.68% [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Prices: The Shanghai zinc main - contract closing price decreased by 1.43% to 22345 yuan/ton, and the LME zinc 3M electronic - disk closing price decreased by 0.68% to 2795.5 dollars/ton [1]. - Trading Volume: The trading volume of the Shanghai zinc main - contract increased by 41252 to 182660 lots, while the LME zinc trading volume decreased by 701 to 8740 lots [1]. - Open Interest: The open interest of the Shanghai zinc main - contract decreased by 5764 to 110481 lots, and the LME zinc open interest increased by 1164 to 189911 lots [1]. - Premium and Discount: The Shanghai 0 zinc premium increased by 10 to 0 yuan/ton, and the LME CASH - 3M premium increased by 1.23 to - 2.69 dollars/ton [1]. - Inventory: The Shanghai zinc futures inventory decreased by 174 to 15058 tons, and the LME zinc inventory decreased by 4250 to 104800 tons [1]. 3.2 News - The US is increasing pressure as the tariff deadline approaches, with multiple countries sending delegations to Washington for negotiations. Trump announced an agreement with South Korea and plans to sign a new executive order on Thursday to impose higher tariffs on countries that fail to reach trade agreements [2]. 3.3 Trend Intensity - The zinc trend intensity is - 1, indicating a relatively bearish outlook according to the defined range of [-2, 2] where - 2 is the most bearish and 2 is the most bullish [2][3].