新能源及有色金属日报：内外比价接近，现货出口窗口打开-20250918

Report Industry Investment Rating - Unilateral: Cautiously bearish [5] - Arbitrage: Neutral [5] Core View - After the Fed's interest rate cut, non - ferrous commodities generally corrected. The internal - external price ratio continued to widen, with the external market stronger and the domestic market weaker. The spot export window is about to open. The domestic fundamentals are still weak, with high supply pressure and low spot procurement enthusiasm. The overseas market has strong support, and attention should be paid to overseas interest rate cut frequency and inflation data [4] Summary by Relevant Catalogs Spot - LME zinc spot premium is $41.33 per ton. SMM Shanghai zinc spot price decreased by 70 yuan/ton to 22,160 yuan/ton, with a spot premium of - 65 yuan/ton. SMM Guangdong zinc spot price decreased by 80 yuan/ton to 22,140 yuan/ton, with a spot premium of - 95 yuan/ton. Tianjin zinc spot price decreased by 70 yuan/ton to 22,140 yuan/ton, with a spot premium of - 85 yuan/ton [1] Futures - On September 17, 2025, the main SHFE zinc contract opened at 22,330 yuan/ton and closed at 22,280 yuan/ton, down 20 yuan/ton from the previous trading day. The trading volume was 96,254 lots, and the open interest was 78,094 lots. The highest price was 22,365 yuan/ton, and the lowest price was 22,195 yuan/ton [2] Inventory - As of September 17, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 160,600 tons, a change of 6,400 tons from the previous period. As of the same date, LME zinc inventory was 48,975 tons, with no change from the previous trading day [3]