锌期货日报2025年9月16日-20250916

Group 1: Report Overview - Report Name: Zinc Futures Daily Report [1] - Date: September 16, 2025 [2] Group 2: Industry Investment Rating - Not mentioned in the provided content Group 3: Core Viewpoints - The Shanghai Zinc 2510 contract closed at 22,310 yuan/ton, up 30 yuan or 0.13%, with reduced volume and positions. The 10 - 11 spread was -5. Domestic processing fees have limited upward momentum, and the SMM domestic monthly TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. By - product sulfuric acid prices declined due to supply recovery. Despite a contraction in comprehensive profits, they remain at a relatively high level. In September, more smelters are under maintenance, and some secondary zinc enterprises face tight raw material supply and rising prices, so the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons, with the supply side remaining generally loose. After the parade, logistics and production restrictions in North and Central China were lifted, and the operating rates in the primary consumption sectors increased month - on - month. However, the improvement in the consumption side is slowly transmitted upstream, and social inventories continued to accumulate on Monday, with a slower accumulation pace. The domestic and foreign inventory performances are differentiated, with LME zinc inventories dropping to around 50,000 tons, and concerns about overseas refined zinc supply have caused a spot premium, strengthening the 0 - 3B. Weak US employment data has consolidated the expectation of interest rate cuts, and the rising center of London zinc has a driving effect on the domestic market. However, the weak fundamentals of Shanghai zinc and the absence of an inflection point in inventory reduction result in insufficient upward driving force, maintaining a range - bound pattern, with a reference range of 22,000 - 22,600 yuan/ton [7] Group 4: Market Review - Futures Market Quotes: The opening, closing, highest, lowest prices, changes, change rates, positions, and position changes of Shanghai Zinc 2509, 2510, and 2511 contracts are presented. Shanghai Zinc 2510 closed at 22,310 yuan/ton, up 30 yuan or 0.13%, with positions decreasing by 5,694 to 92,003 hands [7] - Processing Fees and Supply: Domestic processing fees have limited upward momentum, with local quotes showing a narrow decline but no downward trend. The SMM domestic monthly TC for zinc concentrate is 3,850 yuan/metal ton, and the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. Sulfuric acid prices declined, and although comprehensive profits contracted, they are still at a relatively high level. In September, smelter maintenance increased, and some secondary zinc enterprises faced raw material issues, with expected monthly output dropping by 1 - 20,000 tons to around 600,000 tons [7] - Consumption and Inventory: After the parade, consumption in the primary sectors improved, but the improvement was slowly transmitted upstream. Social inventories continued to accumulate on Monday, with a slower pace. LME zinc inventories dropped to around 50,000 tons, and overseas supply concerns led to a spot premium [7] Group 5: Industry News - On September 15, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands like Shuangyan in different regions (including Shanghai, Ningbo, Tianjin, and Guangdong) are reported, along with their quotes relative to the SMM average price, the 2510 contract, and the Shanghai spot price [8][9] Group 6: Data Overview - The report includes figures such as the SMM seven - region weekly zinc ingot inventory (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - month spread, with data sources from SMM, Wind, and the research and development department of Jianxin Futures [11][13]