锌期货日报-20250821

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 21, 2025 [2] Investment Rating - No investment rating is provided in the report. Core Viewpoints - The core contradiction of abundant zinc ore and sufficient zinc ingots in the domestic zinc market is more prominent during the off - season of demand, and the inventory accumulation trend continues [7]. - The zinc market will maintain a loose supply situation, and the demand is in the off - season with no substantial improvement. Although the macro - environment is favorable, the weak fundamentals cannot resonate. The Shanghai zinc has given back its previous gains, and the current pattern of strong overseas and weak domestic markets continues. The domestic market is unlikely to fall sharply due to the influence of the overseas market. There is an expectation of a switch from the off - season to the peak season for demand in the second half of the month, and the callback space for Shanghai zinc is limited, with short - term wide - range fluctuations [7]. Summary by Section 1. Market Review - Futures Market Quotes: The main contract of Shanghai zinc 2510 closed at 22,265 yuan/ton, up 20 yuan, with a gain of 0.09%. The trading volume increased, and the open interest increased by 5,418 lots to 110,994 lots. LME zinc inventory decreased by 950 tons to 71,250 tons, all from Singapore, with 0 - 3C at 10.26 [7]. - Supply and Demand Situation: The supply of zinc ore is loose, pushing up the processing fee. The import zinc concentrate index is reported at 82.25 US dollars/dry ton, and the SMM domestic zinc concentrate monthly TC average price remains stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices have driven the continuous expansion of smelters' profit margins, and the production enthusiasm of smelters is high. The domestic refined zinc output in August may increase to 621,500 tons, and the supply side remains abundant. The off - season characteristics of downstream demand are significant. Although there are demand - supporting policies, the weakness cannot be concealed in the short term, and the operating load in the primary consumption field is still in a weak range [7]. 2. Industry News - Zinc Price Transactions on August 20, 2025: The mainstream transaction price of 0 zinc was concentrated between 22,150 - 22,290 yuan/ton, and that of 1 zinc was between 22,080 - 22,220 yuan/ton. The price differences in different regions such as Shanghai, Ningbo, Tianjin, and Guangdong were reported, including the premium or discount of different brands relative to the contract and the price differences between regions [8][9] 3. Data Overview - The report presents data such as the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, but specific data analysis is not provided in the text [13][15]