沪锌期货早报-20250917

Report Industry Investment Rating No relevant content provided. Core View of the Report - The previous trading day saw Shanghai zinc fluctuate and decline, closing with a negative line and shrinking trading volume. Both long and short positions reduced, with more reduction in long positions. The market may experience short - term consolidation. Technically, the price closed below the long - term moving average with weak support. The short - term KDJ indicator declined but remained in the strong area, while the trend indicator showed that the long - side strength decreased and the short - side strength increased, with the two forces starting to stalemate. The Shanghai zinc ZN2510 is expected to consolidate [2][19]. Summary by Relevant Catalogs Zinc Fundamentals - In April 2025, global zinc plate production was 1153000 tons and consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons and consumption was 4507900 tons, with a shortage of 56500 tons. In April, global zinc plate production was 1072200 tons, and from January to April, global zinc ore production was 4040600 tons, which is a positive factor [2]. Zinc Basis - The spot price was 22265, and the basis was - 10, indicating a neutral situation [2]. Zinc Inventory - On September 16, LME zinc inventory decreased by 1175 tons to 48975 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 799 tons to 52170 tons compared to the previous day, showing a neutral situation [2]. Zinc Futures Market Quotes on September 16 - For various delivery months of zinc futures, prices, trading volumes, and open interests showed different changes. For example, for the 2510 contract, the previous settlement was 22305, the opening price was 22290, the highest price was 22370, the lowest price was 22245, the closing price was 22255, the settlement reference price was 22300, the price decreased by 50 ( - 5), the trading volume was 96641 lots, the trading value was 1077732.04, the open interest was 84991 lots, and it decreased by 7012 lots [3]. Domestic Spot Market Quotes on September 16 - Zinc concentrate in Lin had a price of 16850 yuan/ton, down 10 yuan/ton; zinc ingot in Aoshi was 22265 yuan/ton, down 5 yuan/ton; galvanized sheet in China was 4057 yuan/ton, up 17 yuan/ton; galvanized pipe in China was 4452 yuan/ton, up 8 yuan/ton; zinc alloy in Ningbo was 22780 yuan/ton, unchanged; zinc powder in Changsha was 27450 yuan/ton, unchanged; zinc oxide in Taizhou was 20500 yuan/ton, unchanged; and secondary zinc oxide in Taozhou was 7857 yuan/ton, unchanged [4]. Zinc Ingot Inventory Statistics in Major National Markets (September 4 - 15, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 13.85 million tons on September 4 to 14.95 million tons on September 15. Compared with September 8, it increased by 0.97 million tons, and compared with September 11, it increased by 0.55 million tons [5]. Zinc Warehouse Receipt Report on September 16 - The total zinc warehouse receipts on the futures exchange were 52170 tons, with an increase of 799 tons. Most of the increase came from the Guangdong region (specifically, Guangdong Jushen increased by 799 tons) [6]. LME Zinc Inventory Distribution on September 16 - The total LME zinc inventory was 48975 tons, a decrease of 1175 tons from the previous day. In Singapore, the inventory decreased by 1175 tons to 48875 tons [7]. Zinc Concentrate Price Summary in Major National Cities on September 16 - Zinc concentrate with a 50% grade in various regions such as Jiyuan, Chenzhou, etc., had prices ranging from 16750 - 16950 yuan/ton, all down 10 yuan/ton [8]. Zinc Ingot Smelter Price Quotes on September 16 - The prices of 0 zinc ingots (≥99.995%) from different smelters such as Hunan Zhuzhou Sea (22500 yuan/ton), Liaoning Huludao Zinc Industry (22830 yuan/ton), etc., showed different levels [12]. Domestic Refined Zinc Production in June 2025 - The planned production value in June was 45.97 million tons, the actual production was 47.18 million tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production in July was 47.03 million tons [14]. Zinc Concentrate Processing Fee Quotes on September 16 - Zinc concentrate processing fees in different regions with a 50% grade varied. For example, in Pailie, the lowest was 3800 yuan/metal ton, the highest was 4000 yuan/metal ton, and the average was 3900 yuan/metal ton. Imported zinc concentrate (48% grade) had a processing fee ranging from 85 - 105 US dollars/dry ton [16]. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on September 16 - In the zn2510 contract, for trading volume, Guotai Junan ranked first with 31704 lots and an increase of 602 lots. For long positions, CITIC Futures ranked first with 5095 lots and an increase of 70 lots. For short positions, CITIC Futures ranked first with 11007 lots and a decrease of 1082 lots [17].