建信期货锌期货日报-20250919

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 19, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - After a 25bp interest rate cut and the dot - plot indicating two more cuts this year, the dollar index first fell then rose. With the exhaustion of positive factors, non - ferrous metals declined, and copper and tin led the fall. Shanghai zinc closed at 22,035 yuan/ton, down 245 yuan or 1.10%, with a 10 - 11 spread of - 10. The fundamentals changed little. Enterprises' point - price purchases led to a slight decline in inventory, but the sustainability of de - stocking is to be observed. Spot premiums rose due to increased point - price purchases during the price decline. The pattern of strong overseas and weak domestic zinc markets continued, and there is an expectation of opening the refined zinc export window. Attention should be paid to the support at the 22,000 - yuan level of Shanghai zinc [7]. Section Summaries 1. Market Review - Futures Market: For SHFE zinc 2510, it opened at 22,175 yuan/ton, closed at 22,035 yuan/ton, with a high of 22,205 yuan/ton, a low of 21,950 yuan/ton, down 245 yuan or 1.10%, and the position decreased by 6,337 to 71,757. For SHFE zinc 2511, it opened at 22,215 yuan/ton, closed at 22,045 yuan/ton, down 240 yuan or 1.08%, and the position increased by 15,427 to 109,570. For SHFE zinc 2512, it opened at 22,230 yuan/ton, closed at 22,070 yuan/ton, down 230 yuan or 1.03%, and the position increased by 2,794 to 33,436 [7]. - Inventory: Seven - region zinc ingot inventory decreased by 0.21 million tons to 15.85 million tons [7]. - Spot Premium: Shanghai market quoted a discount of 20 yuan/ton to the 10 - contract, Tianjin quoted a discount of 20 yuan/ton to the Shanghai market, and Guangdong quoted a discount of 90 yuan/ton to the 11 - contract, with the Shanghai - Guangdong spread narrowing [7]. 2. Industry News - On September 18, 2025, the mainstream transaction price of 0 zinc was 21,930 - 22,070 yuan/ton, and different brands had different premiums or discounts to the contract [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at 21,930 - 22,050 yuan/ton, with different quotes to the 2510 contract and the Shanghai spot [8]. - In the Tianjin market, 0 zinc was traded at 21,970 - 22,090 yuan/ton, and different brands had different quotes to the 2510 contract and the Shanghai market [8]. - In the Guangdong market, 0 zinc was traded at 21,830 - 22,030 yuan/ton, with a discount of 90 yuan/ton to the 2511 contract and a discount of 10 yuan/ton to the Shanghai spot, and the Shanghai - Guangdong spread narrowed [9]. 3. Data Overview - The report includes charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data from Wind, SMM, and the research and development department of CCB Futures [11][13]