锌：区间盘整

Report Summary Industry Investment Rating - The report does not provide an industry investment rating. Core View - The zinc market is in a range-bound consolidation [1]. Summary by Relevant Catalogs Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 22,285 yuan/ton, down 0.18%, and the closing price of LME zinc 3M electronic disk was 2,865.5 dollars/ton, up 1.15% [1]. - Volumes: The trading volume of SHFE zinc main contract was 117,964 lots, down 7,724, and the trading volume of LME zinc was 13,277 lots, up 5,867 [1]. - Open Interests: The open interest of SHFE zinc main contract was 104,733 lots, down 2,929, and the open interest of LME zinc was 195,978 lots, down 866 [1]. - Premiums and Discounts: Shanghai 0 zinc premium was -70 yuan/ton, unchanged; LME CASH - 3M premium was 20.44 dollars/ton, up 5.46 [1]. - Inventories: SHFE zinc futures inventory was 40,947 tons, up 1,992, and LME zinc inventory was 55,225 tons, down 375 [1]. News - Fed's Interest - Rate Cut: Fed Governor Waller said the Fed should start cutting interest rates this month and make multiple cuts in the next few months, with the pace depending on economic data [2]. - US Job Market: US JOLTS job openings in July dropped to a 10 - month low at 7.181 million, strengthening the expectation of a Fed rate cut in September [2][3]. Trend Intensity - The zinc trend intensity is 0, indicating a neutral view [3].