Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Report's Core View The report focuses on the zinc market, highlighting the visible inventory accumulation. It also presents the latest price, trading volume, inventory, and other fundamental data of zinc, along with the trend intensity of zinc. Additionally, it includes relevant news such as Trump's statements and China's central bank's monetary policy [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of SHFE zinc main contract was 22,505 yuan/ton, up 0.11% from the previous day, while LME zinc 3M electronic trading closed at $2,796.5/ton, down 1.62% [1]. - Trading Volume: The trading volume of SHFE zinc main contract was 83,222 lots, an increase of 5,192 lots, and the trading volume of LME zinc was 10,973 lots, an increase of 3,256 lots [1]. - Open Interest: The open interest of SHFE zinc main contract was 76,347 lots, a decrease of 4,451 lots, and the open interest of LME zinc was 190,988 lots, a decrease of 2,725 lots [1]. - Premium and Discount: The premium of Shanghai 0 zinc was -50 yuan/ton, unchanged from the previous day; the LME CASH - 3M premium was -$5.22/ton, a decrease of $4.69/ton [1]. - Inventory: SHFE zinc futures inventory was 20,020 tons, an increase of 2,923 tons, and LME zinc inventory was 76,325 tons, a decrease of 1,125 tons [1]. 3.2 News - Trump stated that the possibility of reaching an agreement now depends on Zelensky, and parties are arranging a meeting between Zelensky and Putin. There is currently no plan to impose tariffs on China's purchase of Russian oil, but he may consider it in two or three weeks [2]. - The People's Bank of China aims to implement a moderately loose monetary policy, with positive factors increasing for a moderate recovery in price levels. It will further improve the interest rate regulation framework, increase credit support for technology - based SMEs, and correct pro - cyclical market behaviors [2]. 3.3 Trend Intensity The trend intensity of zinc is -1, indicating a relatively bearish view on the zinc market [3].
锌:累库显性化