Report Industry Investment Rating - No information provided in the report Core Viewpoints - The short - term market of Shanghai Zinc ZN2510 is expected to fluctuate and consolidate. The previous trading day saw a decline in Shanghai Zinc with shrinking trading volume. Long - positions slightly increased while short - positions slightly decreased. Technically, the price is above the 60 - day moving average with weak support, short - term indicators are in a weak zone, and the trend shows a stalemate between long and short forces [2][20]. Summary by Related Catalogs 1. Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a shortage of 56500 tons. The global zinc ore production from January to April was 4040600 tons [2]. 2. Basis - The spot price of zinc is 22260, with a basis of + 20, showing a neutral situation [2]. 3. Inventory - On August 21, LME zinc inventory decreased by 1875 tons to 69375 tons compared to the previous day, and the SHFE zinc inventory warrants remained unchanged at 32288 tons [2]. - From August 11 to August 21, the total social inventory of zinc ingots in major Chinese markets increased from 99000 tons to 117400 tons [5]. 4. Futures Market Quotes - On August 21, the trading volume of zinc futures contracts was 138079 lots, with a total turnover of 1538613560 yuan, and the total open interest was 214223 lots, a decrease of 1927 lots [3]. 5. Spot Market Quotes - On August 21, the price of zinc concentrate was 16950 yuan/ton (+ 30), zinc ingot was 22260 yuan/ton (+ 40), galvanized sheet was 4090 yuan/ton (- 4), galvanized pipe was 4490 yuan/ton (- 5), zinc alloy was 22780 yuan/ton (+ 60), zinc powder was 27340 yuan/ton (+ 60), zinc oxide was 20850 yuan/ton (unchanged), and secondary zinc oxide was 7726 yuan/ton (- 12) [4]. 6. Zinc Ingot Production - In June 2025, the production of refined zinc was 471800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The planned production for July is 470300 tons [16]. 7. Zinc Concentrate Processing Fees - On August 21, the average processing fee for 50% grade zinc concentrate in different regions ranged from 3500 to 4000 yuan/metal ton, with some regions having no change [18]. 8. Futures Company Transaction and Position Ranking - For the zinc contract zn2510 on August 21, the total trading volume of 20 futures companies was 134383 lots, a decrease of 35721 lots compared to the previous day. The total long - position was 70832 lots, an increase of 272 lots, and the total short - position was 76267 lots, a decrease of 483 lots [19].
沪锌期货早报-20250822
Da Yue Qi Huo·2025-08-22 02:06