沪锌期货早报-20250924

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw Shanghai zinc fluctuating and falling, closing with a negative line and shrinking trading volume. Both long and short positions increased, with more short - position increases. The market may fluctuate and weaken in the short term. Technically, the price closed below the moving average system, losing its support. Short - term indicators suggest a weak trend, and the bearish force is dominant. The recommendation is that Shanghai zinc ZN2511 will fluctuate and weaken [18]. 3. Summary by Relevant Catalogs 3.1 Fundamental Information - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, with a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons, showing a bullish sign [2]. - The spot price of zinc was 21,920, with a basis of +75, indicating a neutral situation [2]. - On September 23, LME zinc inventory decreased by 1,050 tons to 45,775 tons, and SHFE zinc inventory warrants increased by 1,559 tons to 56,613 tons, showing a neutral situation [2]. - The previous trading day, Shanghai zinc fluctuated and fell, closing below the 20 - day moving average with the 20 - day moving average pointing downwards, showing a bearish sign [2]. - The main net position was long, and long positions increased, showing a bullish sign [2]. 3.2 Futures Exchange Zinc Futures Market on September 23 - For different delivery months of zinc futures, prices generally showed a downward trend. For example, the contract 2510 had a settlement price of 21,995, opening at 22,095, and closing at 21,840, with a decline of 155. The trading volume of all contracts totaled 203,496 lots, and the trading value was 2.23400645 billion yuan [3]. 3.3 Domestic Main Spot Market on September 23 - The prices of various zinc - related products decreased. Zinc concentrate in Lin had a price of 16,580 yuan/ton, down 50 yuan/ton; zinc ingots in Shanghai were 21,920 yuan/ton, down 70 yuan/ton; galvanized sheets in China were 4,042 yuan/ton, down 6 yuan/ton; galvanized pipes in China were 4,444 yuan/ton, down 8 yuan/ton; zinc alloy in Ningbo was 22,430 yuan/ton, down 70 yuan/ton; zinc powder in Changsha was 27,150 yuan/ton, down 60 yuan/ton; zinc oxide in Taizhou was 20,350 yuan/ton, down 100 yuan/ton; and secondary zinc oxide in Lin remained unchanged at 7,875 yuan/ton [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (September 11 - 22, 2025) - The total inventory of zinc ingots in major Chinese markets on September 22 was 1.446 million tons. Compared with September 15, it decreased by 50,000 tons, and compared with September 18, it decreased by 37,000 tons [5]. 3.5 Futures Exchange Zinc Warrant Report on September 23 - The total zinc warrants in the futures exchange on September 23 were 56,613 tons, an increase of 1,559 tons. In Guangdong, warrants increased by 496 tons, and in Tianjin, they increased by 1,063 tons [6]. 3.6 LME Zinc Inventory Distribution and Statistics on September 23 - LME zinc inventory decreased by 1,050 tons to 45,775 tons. In Singapore, inventory decreased by 1,050 tons to 45,625 tons [7]. 3.7 National Main City Zinc Concentrate Price Summary on September 23 - Zinc concentrate prices in major cities decreased by 50 yuan/ton. For example, in Jiyuan, the price was 16,680 yuan/ton; in Kunming, it was also 16,680 yuan/ton [8]. 3.8 National Market Zinc Ingot Smelter Price on September 23 - The prices of 0 zinc ingots from major smelters decreased by 70 yuan/ton. For example, the price of zinc ingots from Hunan Zhuzhou Smelter was 22,150 yuan/ton; from Liaoning Huludao Zinc Industry was 22,480 yuan/ton [12]. 3.9 Domestic Refined Zinc Production in June 2025 - In June 2025, the planned refined zinc production was 459,700 tons, and the actual production was 471,800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10%, and the planned production for July was 470,300 tons [14]. 3.10 Zinc Concentrate Processing Fee Market on September 23 - The processing fees for 50% zinc concentrate in different regions varied. For example, in Hohhot, the average processing fee was 3,900 yuan/metal ton; in Huizhou, it was 4,000 yuan/metal ton. The average import processing fee for 48% zinc concentrate was 100 US dollars/dry ton [16]. 3.11 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on September 23 - In the trading volume ranking of zinc contracts zn2511, CITIC Futures had the highest trading volume of 40,422 lots, a decrease of 4,691 lots compared with the previous trading day. In the long - position ranking, CITIC Futures had 10,220 lots, an increase of 1,842 lots. In the short - position ranking, CITIC Futures had 18,617 lots, an increase of 356 lots [17].