锌：小幅回落

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views - Zinc prices showed a slight decline, with the closing price of Shanghai Zinc's main contract down 1.11% to 21,845 yuan/ton, while the closing price of LME Zinc 3M electronic trading was up 0.05% to 2,900 dollars/ton [1]. - Multiple Fed officials support shifting the inflation target from 2% to a range - based system, and with Powell's term ending next May, the market anticipates a structural change in the Fed under new leadership [2]. - The trend strength of zinc is 0, indicating a neutral outlook [2][3]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Prices: Shanghai Zinc's main contract price decreased, while LME Zinc 3M electronic trading price slightly increased. The prices of related zinc products such as hot - dipped galvanized coils, zinc alloys, and zinc oxide also declined [1]. - Volume and Open Interest: The trading volume of Shanghai Zinc's main contract decreased by 15,195 lots to 125,331 lots, and its open interest increased by 9,947 lots to 140,372 lots. The trading volume of LME Zinc increased by 938 lots to 10,805 lots, and its open interest increased by 493 lots to 216,077 lots [1]. - Premiums and Discounts: The premiums of Shanghai, Guangdong, and Tianjin 0 zinc showed different changes, and the LME CASH - 3M premium decreased by 9.01 dollars/ton to 45.99 dollars/ton [1]. - Inventory: Shanghai Zinc's futures inventory increased by 1,559 tons to 56,613 tons, while LME Zinc inventory decreased by 1,050 tons to 45,775 tons. The LME zinc注销仓单 decreased by 500 tons to 14,950 tons, and the LME off - warrant (T + 3) increased by 591 tons to 13,727 tons [1]. [News] - Multiple Fed officials including理事米兰, 鲍曼, and Atlanta Fed President Bostic support using an inflation target range instead of the current 2% precise target. The issue is still under discussion within the Fed despite the exclusion in the August five - year policy framework assessment [2].