Guo Tai Jun An Qi Huo·2025-09-11 08:03Report Summary 1) Report Industry Investment Rating - The investment rating for the zinc industry is "Range-bound" [1] 2) Core View of the Report - The zinc market is expected to experience range-bound fluctuations, with a current trend strength of 0, indicating a neutral outlook [1][3] 3) Summary by Relevant Catalogs Fundamental Tracking - Prices: The closing price of the Shanghai Zinc main contract was 22,215 yuan/ton, up 0.41% from the previous day, while the LME Zinc 3M electronic disk closed at 2,867 dollars/ton, down 0.21% [1] - Trading Volume: The trading volume of the Shanghai Zinc main contract was 83,724 lots, a decrease of 16,741 lots, and the LME Zinc trading volume was 9,280 lots, an increase of 215 lots [1] - Open Interest: The open interest of the Shanghai Zinc main contract was 103,054 lots, a decrease of 5,145 lots, and the LME Zinc open interest was 201,219 lots, an increase of 1,496 lots [1] - Premiums and Discounts: Shanghai 0 zinc premium/discount was -70 yuan/ton, down 5 yuan/ton; LME CASH - 3M premium/discount was 17.62 dollars/ton, up 1.16 dollars/ton [1] - Inventories: Shanghai Zinc futures inventory was 44,329 tons, an increase of 1,648 tons, and LME Zinc inventory was 50,825 tons, a decrease of 200 tons [1] News - Chinese Finance Minister Lan Fo'an stated that the government will focus on strengthening the domestic market, implement more proactive fiscal policies, and carry out key tasks such as supporting employment and foreign trade, cultivating new growth drivers, and improving people's livelihoods [2] - In August, China's CPI turned negative year-on-year, down 0.4%, while the core CPI increased to 0.9%. The PPI's year-on-year decline narrowed to 2.9%. The decrease in CPI was mainly due to a high base last year and lower-than-seasonal food price increases [2][3] Trend Intensity - The zinc trend intensity is 0, indicating a neutral outlook, with the value ranging from -2 (most bearish) to 2 (most bullish) [3]