沪锌期货早报-20250808

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report - The previous trading day saw Shanghai Zinc (SHFE Zinc) showing an oscillating upward trend, closing with a positive candle, increasing trading volume, and the long - position holders increasing their positions while the short - position holders reducing theirs. In the short term, the market may oscillate and strengthen. Technically, the price closed above the moving average system, with enhanced moving average support. The short - term KDJ indicator is rising and operating in the weak area, the trend indicator shows that both long and short forces are rising, but the long - position advantage is expanding. It is recommended that SHFE Zinc ZN2509 will oscillate and strengthen [2][19]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc sheet production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, global zinc sheet production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. From January to April, global zinc ore production was 4.0406 million tons. The overall fundamentals are considered bullish [2]. 3.2 Basis - The spot price of zinc is 22,550, and the basis is - 30, which is considered neutral [2]. 3.3 Inventory - On August 7, LME zinc inventory decreased by 4,275 tons to 84,950 tons compared to the previous day, and SHFE zinc inventory warrants decreased by 553 tons to 13,822 tons compared to the previous day, which is considered bullish [2]. 3.4 Market Trends - On August 7, the trading volume of SHFE zinc futures was 223,562 lots, with a turnover of 2.51926343 billion yuan, and the open interest was 209,722 lots, an increase of 7,676 lots [3]. 3.5 Spot Market - On August 7, the price of zinc concentrate in Linzhou increased by 140 yuan/ton to 17,180 yuan/ton; the price of zinc ingots in Shanghai increased by 180 yuan/ton to 22,550 yuan/ton; the price of galvanized sheets increased by 4 yuan/ton to 4,092 yuan/ton; the price of galvanized pipes increased by 6 yuan/ton to 4,500 yuan/ton; the price of zinc alloy in Ningbo increased by 180 yuan/ton to 23,060 yuan/ton; the price of zinc powder in Changsha increased by 180 yuan/ton to 27,590 yuan/ton; the price of zinc oxide in Taizhou increased by 150 yuan/ton to 20,850 yuan/ton; the price of secondary zinc oxide in Linzhou decreased by 13 yuan/ton to 7,729 yuan/ton [4]. 3.6 Inventory Statistics - From July 28 to August 7, 2025, the total social inventory of zinc ingots in major Chinese markets increased from 83,600 tons to 91,300 tons, an increase of 7,700 tons [5]. 3.7 Futures Warehouse Receipts - On August 7, the total SHFE zinc warehouse receipts were 13,822 tons, a decrease of 553 tons compared to the previous day [6]. 3.8 LME Inventory - On August 7, LME zinc inventory decreased by 4,275 tons to 84,950 tons [7]. 3.9 Zinc Concentrate Processing Fees - On August 7, the processing fees for 50% grade zinc concentrate in different regions ranged from 3,400 - 4,100 yuan/metal ton, and the processing fee for imported 48% grade zinc concentrate was 70 US dollars/kiloton [17]. 3.10 Member Trading and Position Ranking - On August 7, the total trading volume of SHFE zinc futures among members was 203,350 lots, an increase of 62,677 lots compared to the previous day. The total long - position was 63,456 lots, an increase of 2,685 lots, and the total short - position was 61,994 lots, a decrease of 708 lots [18].