国泰君安期货锌：偏弱震荡

Report Summary 1. Investment Rating - The investment rating for zinc is "Weak and volatile" [1] 2. Core View - The zinc market shows a weak and volatile trend, with various indicators such as prices, trading volumes, and inventories experiencing different degrees of changes [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Price: The closing price of SHFE zinc main contract was 22,045 yuan/ton, down 1.05%; the closing price of LME zinc 3M electronic disk was 2,943 dollars/ton, down 1.39% [1] - Trading Volume: The trading volume of SHFE zinc main contract was 113,236 lots, an increase of 16,982 lots; the trading volume of LME zinc was 14,598 lots, an increase of 3,248 lots [1] - Open Interest: The open interest of SHFE zinc main contract was 109,570 lots, an increase of 31,476 lots; the open interest of LME zinc was 213,374 lots, a decrease of 2,995 lots [1] - Premium and Discount: The premium of Shanghai 0 zinc was -60 yuan/ton, an increase of 5 yuan/ton; the LME CASH - 3M premium was 38 dollars/ton, an increase of 12 dollars/ton [1] - Inventory: The SHFE zinc futures inventory was 54,241 tons, an increase of 1,521 tons; the LME zinc inventory was 48,825 tons, a decrease of 150 tons [1] 3.2 News - The Bank of England maintained the interest rate unchanged and slowed down the pace of quantitative tightening to 70 billion pounds, while being cautious about further interest rate cuts this year due to concerns about inflation rebound [2] 3.3 Trend Intensity - The trend intensity of zinc is -1, indicating a weak trend [2]