建信期货锌期货日报-20250807

1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 7, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 2. Market Review Futures Market Quotes - Shanghai Zinc (ZN2508): Opened at 22,340 yuan/ton, closed at 22,355 yuan/ton, with a high of 22,375 yuan/ton, a low of 22,230 yuan/ton. It rose 60 yuan with a 0.27% increase, and its open interest decreased by 905 to 6,760 [7]. - Shanghai Zinc (ZN2509): Opened at 22,360 yuan/ton, closed at 22,380 yuan/ton, with a high of 22,415 yuan/ton, a low of 22,250 yuan/ton. It rose 65 yuan with a 0.29% increase, and its open interest decreased by 4,218 to 94,254. The main contract ZN2509 closed at 22,380 yuan/ton, up 175 yuan or 0.79%, with reduced volume and open - interest [7]. - Shanghai Zinc (ZN2510): Opened at 22,400 yuan/ton, closed at 22,370 yuan/ton, with a high of 22,400 yuan/ton, a low of 22,255 yuan/ton. It rose 55 yuan with a 0.25% increase, and its open interest increased by 728 to 67,178 [7]. Market Analysis - In August, the average monthly TC of domestic zinc concentrates increased by 100 yuan to 3,900 yuan/metal ton. Supported by high TC and high by - product profits, smelters are highly motivated to produce, and with the release of new zinc ingot production capacity, 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, demand is currently weak in the short term, and the operating rates of galvanized products and die - cast zinc alloys are at historically low levels [7]. - The core contradiction of abundant zinc concentrate and zinc ingot supply is more prominent during the off - season of demand, and social inventories have continued to accumulate to over 100,000 tons. Short - sellers have closed their positions, but as the price rebounds, the downstream's purchasing sentiment has weakened, the spot premium has declined, and the upward space for Shanghai zinc is limited, trading in the lower - middle range of the Bollinger Bands [7]. 3. Industry News Price and Premium in Different Markets - August 6, 2025: 0 zinc's mainstream transaction price was 22,270 - 22,405 yuan/ton, Shuangyan was traded at 22,380 - 22,505 yuan/ton, and 1 zinc was traded at 22,200 - 22,335 yuan/ton. In the morning, the premium to the SMM average price was 30 - 50 yuan/ton. In the second trading session, the premium of common domestic brands to the 2509 contract was 20 yuan/ton [8]. - Ningbo Market: The mainstream 0 zinc transaction price was around 22,250 - 22,375 yuan/ton. Regular brands in Ningbo quoted at par to the 2509 contract and at a 20 - yuan premium to the Shanghai spot price [8]. - Tianjin Market: 0 zinc ingots were mainly traded at 22,210 - 22,370 yuan/ton, Zijin at 22,250 - 22,390 yuan/ton, and 1 zinc ingots at around 22,130 - 22,260 yuan/ton. The premium of 0 zinc to the 2509 contract was - 40 - 0 yuan/ton [8]. - Guangdong Market: The mainstream 0 zinc transaction price was 22,200 - 22,275 yuan/ton. Mainstream brands quoted at a 60 - yuan discount to the 2509 contract and at a 40 - yuan discount to the Shanghai spot price, and the price difference between Shanghai and Guangdong widened [8]. 4. Data Overview - The report includes charts 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 inventories, with data sources from Wind, SMM, and the research and development department of CCB Futures [11][13]