锌期货日报-20250827

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 27, 2025 [2] Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The pattern of strong external and weak internal markets continues. The external market is supported by interest - rate cut expectations and low inventories, making it prone to rise and difficult to fall. The internal market is driven by the external market and is unlikely to experience a significant decline. The Shanghai zinc will fluctuate within the middle - lower track of the Bollinger Bands [7]. Summary by Directory 1. Market Review - Futures Market Quotes: The main contract of Shanghai zinc 2510 closed at 22,270 yuan/ton, down 85 yuan, a decrease of 0.38%. It showed a pattern of shrinking volume and increasing positions, with positions increasing by 3,459 to 108,718 hands. The 09 - 10 spread turned to B15. LME zinc stocks decreased by 2,550 tons to 65,525 tons, with a 0 - 3 spread of C2.95, an Shanghai - London ratio of 0.79, and an exchange - excluded ratio of 1.11. The loss of zinc ingot imports widened to - 1,825.37 yuan/ton, and the import window remained closed. In August, long - term contracts were the main form of imports [7]. - Supply and Demand Situation: The processing fee for imported zinc ore continued to rise, with the zinc concentrate index increasing by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remaining flat at 3,900 yuan/metal ton. The refinery operating rate remained at a high level, and with few domestic overhauls in August, the refined zinc output was expected to increase to 621,500 tons, keeping the supply side abundant. At the end of the off - season, downstream demand remained weak. Affected by 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. Downstream purchasing sentiment was low, with the Shanghai market at a discount of 20 yuan to the 09 contract, the Tianjin market at a discount of 20 yuan to the Shanghai market, and the Guangdong market at a discount of 65 yuan/ton to the 10 contract [7]. 2. Industry News - Price and Quotation in Different Regions: On August 26, 2025, in the Shanghai market, the mainstream transaction price of 0 zinc was concentrated between 22,255 - 22,340 yuan/ton, and that of Shuangyan zinc was between 22,355 - 22,430 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,245 - 22,310 yuan/ton. In the Tianjin market, the 0 zinc ingot was mainly traded between 22,220 - 22,320 yuan/ton. In the Guangdong market, the mainstream 0 zinc was traded between 22,210 - 22,310 yuan/ton, and the spread between Shanghai and Guangdong widened [8][9]. 3. Data Overview - Data Charts: The report includes charts such as the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM's seven - region zinc ingots, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [11][13]