锌期货日报-20250917

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 17, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of SHFE zinc are weak, and the inflection point of inventory reduction has not appeared. It maintains a range - bound pattern, with a reference range of 22,000 - 22,600 yuan/ton [7] Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc 2510, it closed at 22,255 yuan/ton, down 50 yuan or 0.22%, with shrinking volume and reduced positions. The positions decreased by 7,012 lots to 84,991 lots, and the 10 - 11 spread was - 10. SHFE zinc 2511 closed at 22,265 yuan/ton, down 55 yuan or 0.25%, with a position of 87,709 lots, a decrease of 4,294 lots. SHFE zinc 2512 closed at 22,285 yuan/ton, down 50 yuan or 0.22%, with a position of 29,089 lots, a decrease of 54,220 lots [7] - Supply - Side Situation: The upward momentum of domestic processing fees is insufficient, and local quotes have shown a narrow decline but have not formed a downward trend. The SMM domestic monthly TC for zinc concentrates is 3,850 yuan/metal ton, and the SMM imported zinc concentrate index has increased by 2.5 dollars/dry ton to 96.25 dollars/dry ton. The price of by - product sulfuric acid has fallen due to supply recovery. Although the comprehensive profit has shrunk, it is still at a relatively high level. In September, more smelters are under maintenance, and some secondary zinc enterprises face rising raw material prices and tight supply. It is expected that the monthly output will decline by 1 - 20,000 tons, with the monthly output expected to be around 600,000 tons, and the supply side generally remains loose [7] - Demand - Side Situation: After the military parade, logistics and production restrictions in North and Central China have been lifted, and the start - up of the primary consumption field has increased month - on - month. However, the improvement in the consumption end is slowly transmitted upwards. Social inventories continued to accumulate on Monday, but the accumulation rhythm has slowed down. The inventory performance at home and abroad is differentiated. LME zinc inventory has decreased by 1,175 tons to 48,975 tons. Concerns about overseas refined zinc supply have caused a spot premium, with 0 - 3B at 26.76 [7] 2. Industry News - 0 Zinc Transaction Prices: On September 16, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,225 - 22,305 yuan/ton, and that of Shuangyan was between 22,335 - 22,435 yuan/ton. The mainstream transaction price of 1 zinc was between 22,155 - 22,235 yuan/ton [8] - Regional Market Quotes: In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,235 - 22,305 yuan/ton. In the Tianjin market, 0 zinc ingots were mainly traded between 22,180 - 22,300 yuan/ton. In the Guangdong market, 0 zinc was mainly traded between 22,155 - 22,255 yuan/ton, and the Shanghai - Guangdong price difference has narrowed [8][9] 3. Data Overview - Not provided with specific data content in the summary requirements here