建信期货锌期货日报-20250806

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Industry Investment Rating - No information provided Core Viewpoints - The Shanghai zinc market rebounded compared to the previous day, with the main contract ZN2509 closing at 22,380 yuan/ton, up 175 yuan or 0.79%. The trading volume decreased, and the open interest decreased by 4,253 lots to 98,475 lots. The net short position of the top 20 seats decreased by 3,045 lots [7]. - The average monthly TC of domestic zinc concentrates in August increased by 100 yuan to 3,900 yuan/metal ton. Supported by high TC and high by - product profits, smelting enterprises are highly motivated to produce, and the overall zinc ingot supply remains strong [7]. - The "trade - in" policy for consumer goods continues, and the third batch of funds has been allocated. There is an expected increase in zinc demand from infrastructure in the second half of the year. However, the demand is currently weak in the short term, and the operating rates of galvanizing and die - casting zinc alloy are still at historically low levels [7]. - The core contradiction of abundant zinc ore and sufficient zinc ingots in the zinc market is more prominent during the off - season of demand, and the social inventory has continued to accumulate to over 100,000 tons. Short - term bears have closed their positions, but as the price rebounds, the downstream purchasing sentiment has worsened, the spot premium has weakened, and the rebound height of Shanghai zinc is limited, operating in the middle - lower range of the Bollinger Bands [7]. Summary by Directory 1. Market Review - Futures Market Quotes: The opening, closing, highest, and lowest prices, as well as the changes and percentage changes of different Shanghai zinc contracts (2508, 2509, 2510) are presented. The main contract ZN2509 had specific price and trading volume changes [7]. - Supply and Demand Situation: High TC and by - product profits support strong zinc ingot supply. Demand policies exist, but short - term demand is weak, and the operating rates of related industries are low. The supply - demand contradiction leads to inventory accumulation [7]. - Market Trend: The short - term rebound of Shanghai zinc is limited, and it operates in the middle - lower range of the Bollinger Bands [7]. 2. Industry News - Price and Premium in Different Regions: The mainstream transaction prices and premiums of 0 zinc and 1 zinc in different regions (including Shanghai, Ningbo, Tianjin, and Guangdong) are reported, showing price differences and market characteristics in each region [8][9]. 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of CCB Futures [11][13]