Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 14, 2025 [2] Industry Investment Rating - No relevant information provided. Core View - The short - term bullish sentiment dominates again, and SHFE zinc continues to rise without fundamental support. Investors are advised to be cautious about chasing high prices [7]. Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2508, the opening price was 22,460 yuan/ton, the closing price was 22,560 yuan/ton, with a rise of 75 yuan and a gain of 0.33%. The position was 4,550, a decrease of 485. For SHFE zinc 2509, the opening price was 22,485 yuan/ton, the closing price was 22,590 yuan/ton, up 85 yuan or 0.38%. The position was 93,386, a decrease of 1,509. For SHFE zinc 2510, the opening price was 22,490 yuan/ton, the closing price was 22,610 yuan/ton, up 90 yuan or 0.40%. The position was 77,158, an increase of 4,219 [7]. - Market influence factors: The US July CPI data was released, with the year - on - year growth rate slightly lower than expected. The inflation data strengthened the expectation of an interest rate cut in September. SHFE zinc reached a high of 22,775 yuan/ton at night, but the intraday gain declined. The main contract 2509 closed at 22,600 yuan/ton, up 55 yuan or 0.24%, with reduced volume and positions, and funds flowing out. The positions migrated to far - month contracts. The top 20 positions in total held more long and short positions, and the net short positions increased by 491 lots [7]. - Fundamentals: In August, the domestic zinc concentrate processing fee remained stable at 3,900 yuan/metal ton, and the imported zinc concentrate increased by 3.5 dollars/dry ton to 82.25 dollars/dry ton. The core contradiction of abundant zinc concentrate and zinc ingots in the market was more prominent during the off - season of demand. The inventory accumulation trend was confirmed, and the social inventory continued to increase at the beginning of the week, reaching 119,000 tons. LME zinc inventory continued to decrease to below 80,000 tons, and the 0 - 3 spread was C4.76. The problem of low inventory and high cancellation ratio still existed. The market was strong overseas and weak domestically, and the low price ratio was difficult to improve. The import window remained closed [7]. - Spot market: The increase in the futures price put pressure on the purchasing sentiment, and the premium continued to decline. The premium in Shanghai market for contract 09 was at a discount of 20 yuan/ton, the premium in Tianjin market compared to Shanghai was at a discount of 10 yuan/ton, and the premium in Guangdong market for contract 09 was at a discount of 75 yuan/ton, and at a discount of 20 yuan/ton compared to Shanghai. The price difference between Shanghai and Guangdong remained the same [7]. 2. Industry News - On August 13, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,585 - 22,665 yuan/ton, and Shuangyan zinc was traded between 22,695 - 22,785 yuan/ton. The mainstream transaction price of 1 zinc was between 22,515 - 22,595 yuan/ton. In the morning, the market quoted a premium of 10 - 20 yuan/ton to the SMM average price, and there were few quotes against the futures price. In the second trading session, the common domestic brands were quoted at a discount of 20 yuan/ton to the 2509 contract, Honglu - v was at a discount of 20 yuan/ton to the 2509 contract, Huize was at a premium of 50 - 60 yuan/ton to the 2509 contract, and the high - end brand Shuangyan was at a premium of 90 - 100 yuan/ton to the 2509 contract [8]. - In the Ningbo market, the mainstream transaction price of 0 zinc was around 22,565 - 22,635 yuan/ton. The common brands in Ningbo were quoted at a discount of 45 yuan/ton to the 2509 contract and at a premium of 10 yuan/ton to the Shanghai spot price. In the first period, Yongchang was quoted at a discount of 40 yuan/ton to the 2509 contract, Anning was at a discount of 30 yuan/ton to the 2509 contract, and Qilin was at a premium of 10 - 20 yuan/ton to the 2509 contract for delivery. In the second period, Yongchang's quote was further reduced to around - 50 yuan/ton, and the quotes of other traders remained the same as the previous period [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 22,550 - 22,650 yuan/ton, and Zijin zinc was traded between 22,590 - 22,670 yuan/ton. The transaction price of 1 zinc ingots was around 22,490 - 22,570 yuan/ton, and Huludao zinc was quoted at 23,160 yuan/ton. The common 0 zinc was quoted at a discount of 30 - 50 yuan/ton to the 2509 contract, and Zijin zinc was quoted at a discount of 10 - 20 yuan/ton to the 2509 contract. The premium in Tianjin market compared to Shanghai was at a discount of about 10 yuan/ton [8][9]. - In the Guangdong market, the mainstream transaction price of 0 zinc was between 22,500 - 22,630 yuan/ton. The mainstream brands were quoted at a discount of 75 yuan/ton to the 2509 contract and at a discount of 20 yuan/ton to the Shanghai spot price. In the first period, the holders of goods quoted a discount of 105 - 55 yuan/ton for Qilin, Mengzi, Danxia, Anning, and Lanxin zinc. In the second period, Qilin, Mengzi, Feilong, Anning, and Lanxin zinc were still at a discount of 105 - 55 yuan/ton [9]. 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources including Wind, SMM, and the Research and Development Department of CCB Futures [13][14]
锌期货日报-20250814
Jian Xin Qi Huo·2025-08-14 02:00