建信期货锌期货日报-20250805

Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 5, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market: The opening price of SHFE Zinc 2508 was 22,160 yuan/ton, closing at 22,260 yuan/ton, down 55 yuan or 0.25%. The opening price of SHFE Zinc 2509 was 22,225 yuan/ton, closing at 22,255 yuan/ton, down 90 yuan or 0.40%. The opening price of SHFE Zinc 2510 was 22,235 yuan/ton, closing at 22,250 yuan/ton, down 105 yuan or 0.47%. The main contract 2509 saw a reduction in positions by 5,359 to 102,725 lots [7]. - Supply: In the third quarter, the output of restarted mines continued to recover, leading to a loose supply of zinc ore and an increase in processing fees. The domestic zinc ore TC was reported at 3,800 yuan/metal ton, and the imported TC was reported at 76.25 US dollars/dry ton. The average monthly domestic zinc concentrate TC in August increased by 100 yuan to 3,900 yuan/metal ton. With high TC and high by - product profits, smelting enterprises were highly motivated to produce, and new zinc ingot production capacities were gradually released, resulting in a strong overall zinc ingot supply [7]. - Demand: The "trade - in" policy for consumer goods continued, and the third batch of funds had been allocated. There was an expected increase in zinc demand from infrastructure in the second half of the year. However, demand was currently weak, and the operating rates of galvanizing and die - casting zinc alloy were still at historically low levels [7]. - Market Situation: The core contradiction of loose zinc ore and sufficient zinc ingots was more prominent during the off - season of demand, with continuous inventory pressure. After the digestion of anti - involution sentiment, SHFE zinc prices declined under pressure [7]. Group 3: Industry News - Shanghai Market: On August 4, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,185 - 22,315 yuan/ton, and that of 1 zinc was between 22,115 - 22,245 yuan/ton. The morning market quoted a premium of 60 - 80 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a premium of 50 - 70 yuan/ton to the 2509 contract [8]. - Ningbo Market: The mainstream transaction price of 0 zinc was around 22,135 - 22,245 yuan/ton. The regular brands in Ningbo were quoted at a premium of 5 yuan/ton to the 2509 contract and a premium of 10 yuan/ton to the Shanghai spot price [8]. - Tianjin Market: The mainstream transaction price of 0 zinc was between 22,110 - 22,240 yuan/ton, and that of 1 zinc was around 22,180 - 22,260 yuan/ton. The price of Huludao zinc was reported at 22,820 yuan/ton. 0 zinc was generally quoted at a discount of 0 - 20 yuan/ton to the 2509 contract [8]. - Guangdong Market: The mainstream transaction price of 0 zinc was between 22,070 - 22,245 yuan/ton. The mainstream brands were quoted at a discount of 35 yuan/ton to the 2509 contract and a discount of 30 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong widened [8][9]. Group 4: Data Overview - The report presents data on the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and the Research and Development Department of CCB Futures [13][15][16]