建信期货锌期货日报-20250924

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: September 24, 2025 [2] Industry Investment Rating - No relevant information provided. Core Viewpoints - The domestic base metals all declined. The main contract of SHFE zinc, ZN2511, closed at 21,845 yuan/ton, down 150 yuan or 0.68%, with increased trading volume and decreased open interest. The LME zinc inventory decreased by 1,050 tons to 45,775 tons, and the high overseas spot premium and soft squeeze supported the zinc price. The domestic processing fee has limited upward momentum, and the SMM monthly domestic TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 dollars/dry ton to 98.25 dollars/dry ton. The price of by - product sulfuric acid has stabilized and declined. Although the comprehensive profit has shrunk, it is still at a relatively high level. In September, due to more smelter overhauls and supply shortages in some secondary zinc enterprises, the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons, and the supply side remains generally loose. On the demand side, the operating rates of galvanizing and zinc oxide have increased slightly, but the overall consumption in the peak season is not ideal. The operating rate in the primary consumption field has increased month - on - month but is weaker than the same period last year. The social inventory decreased slightly on Monday. There is still some bargain - hunting replenishment when the zinc price falls, but the previous price fixing is basically completed, and the increase in the spot premium is limited. The zinc price is expected to fluctuate between 21,800 - 22,500 yuan [7]. Summary by Directory 1. Market Review - Futures Market Quotes: The opening, closing, highest, and lowest prices, as well as the changes in prices and open interest of different SHFE zinc contracts (ZN2510, ZN2511, ZN2512) are presented. For example, ZN2511 opened at 22,080 yuan/ton, closed at 21,845 yuan/ton, down 150 yuan or 0.68%, and the open interest increased by 9,947 lots to 140,372 lots [7]. - Inventory and Premium: The LME zinc inventory decreased by 1,050 tons to 45,775 tons, and the overseas spot premium is high (0 - 3B45.99). The domestic processing fee has limited upward momentum, and the SMM monthly domestic TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 dollars/dry ton to 98.25 dollars/dry ton [7]. - Supply and Demand: In September, due to more smelter overhauls and supply shortages in some secondary zinc enterprises, the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons. On the demand side, the operating rates of galvanizing and zinc oxide have increased slightly, but the overall consumption in the peak season is not ideal. The social inventory decreased slightly on Monday [7]. 2. Industry News - Price and Premium in Different Markets: On September 23, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands like Shuangyan in different markets (Shanghai, Ningbo, Tianjin, Guangdong) are provided, along with the premiums or discounts of different brands against relevant contracts in different trading periods [8][9]. 3. Data Overview - Data Sources: The data in the report are from Wind and the Research and Development Department of CCB Futures, including the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE month - to - month spreads [12][17].