锌期货日报-20250925

Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: September 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Domestic processing fees lack upward momentum, with local quotes showing a narrow decline but no downward trend [7]. - Although smelters' comprehensive profits have shrunk, they remain at a relatively high level. More smelters are undergoing maintenance in September, and the output is expected to decline by 1 - 20,000 tons month - on - month, with the monthly output expected to be around 600,000 tons. The supply side generally remains loose [7]. - Thanks to the resumption of previously shut - down and reduced - production facilities, the operating rates of galvanizing and zinc oxide have slightly increased. However, overall consumption is not ideal during the peak consumption season. The operating rate in the primary consumption sector has increased month - on - month but is weaker than the same period last year. Social inventories decreased slightly on Monday [7]. - There is still some bargain - hunting replenishment by downstream enterprises when zinc prices fall, but most of the previous price - fixing has been completed, and the spot premium has limited upward momentum. Zinc prices are expected to fluctuate between 21,800 - 22,500 yuan [7]. Group 4: Market Review - Futures Market Quotes: - For the contract "2510" of Shanghai Zinc, the opening price was 21,930 yuan/ton, the closing price was 21,845 yuan/ton, the highest was 21,980 yuan/ton, the lowest was 21,830 yuan/ton, the change was - 100 yuan/ton, the change rate was - 0.46%, the trading volume was 2,510, and the open interest was 42,441 with a decrease of 5,600 [7]. - For the contract "2511" of Shanghai Zinc, the opening price was 21,895 yuan/ton, the closing price was 21,860 yuan/ton, the highest was 21,985 yuan/ton, the lowest was 21,860 yuan/ton, the change was - 95 yuan/ton, the change rate was - 0.43%, the trading volume was 2,511, and the open interest was 141,867 with an increase of 1,495 [7]. - For the contract "2512" of Shanghai Zinc, the opening price was 21,905 yuan/ton, the closing price was 21,875 yuan/ton, the highest was 21,990 yuan/ton, the lowest was 21,870 yuan/ton, the change was - 80 yuan/ton, the change rate was - 0.36%, the trading volume was 2,512, and the open interest was 49,776 with an increase of 5,966 [7]. Group 5: Industry News - On September 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,920 - 22,035 yuan/ton, that of Shuangyan was between 22,050 - 22,165 yuan/ton, and that of 1 zinc was between 21,850 - 21,965 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 21,890 - 21,995 yuan/ton. The regular brands in Ningbo were quoted at a discount of 25 yuan/ton to the "2510" contract and a premium of 30 yuan/ton to Shanghai spot [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 21,890 - 22,010 yuan/ton, and 1 zinc ingots were traded around 21,800 - 21,920 yuan/ton. The price of Huludao zinc was 22,580 yuan/ton [8]. - In the Guangdong market, 0 zinc was mainly traded between 21,845 - 21,995 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the "2511" contract and at par with Shanghai spot [8]. Group 6: Data Overview - The report mentions data on the weekly inventory of SMM's seven - region zinc ingots (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE's inter - month spread, but specific data values are not provided [13][15]