沪锌期货早报-20250829

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The short - term view suggests that the Shanghai zinc futures (ZN2510) are expected to oscillate and weaken. The previous trading day saw Shanghai zinc decline in an oscillatory manner, with increased trading volume and more short - position increases. Technically, the price fell below the moving - average system, losing support, and the short - term indicators show a bearish sign [2][20]. 3. Summary According to Relevant Catalogs 3.1 Zinc 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. From January to April, global zinc ore production was 4040600 tons [2]. 3.2 Zinc Basis - The spot price was 22160, and the basis was - 10, showing a neutral situation [2]. 3.3 Zinc Inventory - On August 28, LME zinc inventory decreased by 2025 tons to 58000 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 176 tons to 36037 tons [2]. 3.4 Zinc Futures Market Quotes on August 28 - For different delivery months of zinc futures, prices, trading volumes, and open interests varied. For example, for the 2510 contract, the previous settlement price was 22350, the opening price was 22210, the closing price was 22170, the trading volume was 156406 lots, and the open interest increased by 6801 lots [3]. 3.5 Domestic Spot Market Quotes on August 28 - Prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc., declined. For instance, the price of zinc ingot in Shanghai was 22160 yuan/ton, down 130 yuan/ton [4]. 3.6 National Zinc Ingot Inventory Statistics (August 18 - 28, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 11.50 million tons on August 18 to 12.98 million tons on August 28 [5]. 3.7 Zinc Warehouse Receipt Report on August 28 - Warehouse receipts in different regions had different changes. For example, in Shanghai, the total warehouse receipts increased by 50 tons; in Guangdong, they increased by 101 tons; in Tianjin, they decreased by 327 tons, with a total of 36037 tons and a net decrease of 176 tons [6]. 3.8 LME Zinc Inventory Distribution on August 28 - LME zinc inventory in major global warehouses decreased. For example, in Singapore, the inventory decreased from 60025 tons to 58000 tons, and in Hong Kong, it decreased from 59925 tons to 57900 tons [7]. 3.9 National Zinc Concentrate Price on August 28 - The price of zinc concentrate in Chenzhou was 16870 yuan/ton, down 100 yuan/ton [4]. 3.10 National Zinc Ingot Smelter Price on August 28 - The prices of zinc ingots from different smelters all decreased by 140 yuan/ton. For example, the price of 0 zinc ingot from Hunan Zhuzhou Smelter was 22400 yuan/ton [13]. 3.11 Domestic Refined Zinc Production in June 2025 - The planned production in June was 459700 tons, the actual production was 471800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10%, and the planned production in July was 470300 tons [15]. 3.12 Zinc Concentrate Processing Fee on August 28 - Processing fees varied by region. For example, in China, for 50% grade zinc concentrate, the average processing fee was 3800 yuan/metal ton; for imported 48% grade zinc concentrate, the average processing fee was 90 dollars/dry ton, up 45 dollars/dry ton [17]. 3.13 SHFE Member Zinc Trading and Position Ranking on August 28 - For the zn2510 contract, in terms of trading volume, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of long - position holdings, the top three were CITIC Futures, Jianxin Futures, and Dongzheng Futures. In terms of short - position holdings, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [18].