建信期货锌期货日报-20250903

Group 1: Overall Information - Report Title: Zinc Futures Daily Report [1] - Date: September 3, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Quotes: The Shanghai Zinc futures showed a volatile and slightly stronger trend, with the main contract closing at 22,325 yuan/ton, up 130 yuan or 0.59%. Different contracts had different price movements and changes in open interest. For example, the 2510 contract opened at 22,175 yuan/ton, reached a high of 22,380 yuan/ton, and closed at 22,325 yuan/ton, with an open interest of 107,662 lots, a decrease of 8,523 lots. [7] - Market Analysis: The divergence between domestic and foreign markets intensified, and the processing fee continued to rise. Although affected by news from Guangxi smelters in the short term, the zinc ingot production remained at a high level. On the demand side, policies provided support, but the short - term performance was weak. Production restrictions in North China suppressed galvanizing consumption. The pressure of supply - demand surplus was reflected in inventory. The social inventory on Monday increased to 146,300 tons, while the LME zinc inventory decreased by 275 tons to 55,600 tons, the lowest level since May 2023. The 0 - 3 spread B strengthened to 14.98. The continuous de - stocking of LME supported the zinc price. With limited macro - guidance and continuous divergence between domestic and foreign markets, the Shanghai Zinc futures oscillated at the bottom. [7] Group 3: Industry News - Price Quotations in Different Regions: On September 2, 2025, in different markets, the prices of 0 zinc, 1 zinc, and high - end brands varied. For example, in the mainstream market, 0 zinc was traded at 22,145 - 22,275 yuan/ton, and the high - end brand Shuangyan was traded at 22,305 - 22,425 yuan/ton. Different regions had different price spreads and quotes relative to contracts. In Ningbo, the mainstream brand 0 zinc was traded at 22,185 - 22,295 yuan/ton, and the quotes relative to the 2509 contract were mostly at a discount. In Tianjin, 0 zinc was traded at 22,080 - 22,160 yuan/ton, and the quotes relative to the 2509 contract were also at a discount. In Guangdong, 0 zinc was traded at 22,010 - 22,150 yuan/ton, and the quotes relative to the 2510 contract were at a discount. [8] Group 4: Data Overview - Charts: The report presented charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory. The data sources were Wind, SMM, and the research and development department of Jianxin Futures. [11][12]