锌期货日报-20250826

Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 26, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Quotes: - For SHFE Zinc 2509, the opening price was 22,230 yuan/ton, the closing price was 22,375 yuan/ton, up 115 yuan or 0.52%, with a trading volume of 38,685 lots and a decrease of 4,326 lots in open interest [7]. - For SHFE Zinc 2510, the opening price was 22,220 yuan/ton, the closing price was 22,395 yuan/ton, up 150 yuan or 0.67%, with a trading volume of 105,259 lots and a decrease of 2,533 lots in open interest [7]. - For SHFE Zinc 2511, the opening price was 22,210 yuan/ton, the closing price was 22,390 yuan/ton, up 160 yuan or 0.72%, with a trading volume of 38,208 lots and an increase of 1,139 lots in open interest [7]. - Market Analysis: The speech at the Jackson Hole meeting signaled a potential interest rate cut, leading to a continuous recovery in risk appetite and a general rise in the non - ferrous metals sector. The main SHFE Zinc contract 2510 closed at 22,395 yuan/ton, up 150 yuan or 0.67%, with increased volume and decreased open interest. The 09 - 10 spread was C20. The LME market was closed for the Summer Bank Holiday. The import zinc concentrate processing fee continued to rise, with the zinc concentrate index increasing by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remained stable at 3,900 yuan/metal ton. Refinery operating rates remained high, and domestic maintenance in August was limited, with refined zinc production expected to increase to 621,500 tons, keeping the supply side abundant. Downstream demand remained weak at the end of the off - season, and due to the impact of the military parade, environmental protection became stricter, restricting production and transportation in North China. The operating rates of galvanizing and zinc oxide were expected to hover at low levels. The external market was supported by interest rate cut expectations and low inventories, making it prone to rise and difficult to fall. The pattern of a strong external market and a weak domestic market continued. The domestic market was driven by the external market and was unlikely to fall deeply. SHFE Zinc was in a wide - range oscillation, and in the short term, it might test the 22,500 yuan/ton mark [7]. Group 3: Industry News - On August 25, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,340 - 22,415 yuan/ton, Shuangyan was traded between 22,450 - 22,525 yuan/ton, and 1 zinc was traded between 22,270 - 22,345 yuan/ton. In the morning, the market quoted a premium of 10 - 30 yuan/ton to the SMM average price, and there were few quotes against the market. In the second trading session, ordinary domestic zinc was quoted at a discount of 10 yuan/ton to the 2509 contract, Honglu - v was quoted at a discount of 20 yuan/ton to the 2509 contract, Huize was quoted at a premium of 50 yuan/ton to the 2509 contract, and high - end brand Shuangyan was quoted at a premium of 100 yuan/ton to the 2509 contract [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,300 - 22,365 yuan/ton. The regular brands in Ningbo were quoted at a discount of 50 yuan/ton to the 2509 contract and a discount of 10 yuan/ton to the Shanghai spot price. In the first period, Qilin was quoted at a discount of 50 yuan/ton to the 2509 contract; in the second period, traders' quotes remained the same as the previous period [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 22,290 - 22,390 yuan/ton, Zijin was traded between 22,310 - 22,400 yuan/ton, and 1 zinc ingots were traded around 22,230 - 22,310 yuan/ton. Huludao was quoted at 23,010 yuan/ton. Ordinary 0 zinc was quoted at a discount of 30 - 60 yuan/ton to the 2509 contract, Zijin was quoted at a discount of 20 - 40 yuan/ton to the 2509 contract, and the Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market [8]. - In Guangdong, the mainstream 0 zinc was traded between 22,250 - 22,375 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2510 contract and at par with the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed. In the first period, holders quoted a discount of 110 - 50 yuan/ton for Qilin, Mengzi, Danxia, Anning, and Feilong; in the second period, the quotes remained the same [8][9]. Group 4: Data Overview - The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventories, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [11][13]