建信期货锌期货日报-20250926

Report Overview - Report Title: Zinc Futures Daily Report [1] - Date: September 26, 2025 [2] Industry Investment Rating - No investment rating information is provided in the report. Core View - The zinc price in the short - term will maintain a range - bound movement, with a reference range of 21,800 - 22,500 yuan/ton. Traders should pay attention to position control before the holiday due to the adjustment of the price limit and margin ratio of copper, aluminum, zinc, and lead futures contracts starting from the close of trading on September 29, 2025 [7]. Summary by Directory 1. Market Review - Futures Market Quotes: The main contract of Shanghai zinc (ZN2511) closed at 22,045 yuan/ton, up 130 yuan or 0.59%, with reduced positions. The trading volume increased while the open interest decreased by 10,581 lots to 131,286 lots. The Shanghai - London ratio was 7.49, and the exchange - excluded ratio was 1.02. The 0 - 3 spread was 59.64 (+16.48) [7]. - Consumption and Inventory: In the peak consumption season, overall consumption was not ideal. The operating rate in the primary consumption sector increased month - on - month but was weaker than the same period last year. Due to typhoon weather in South China, logistics were restricted. Inventory in Shanghai and Tianjin decreased due to downstream pick - up. The seven - region social inventory decreased by 0.66 million tons to 15.04 million tons this week [7]. - Spot Market: The spot premium of Shanghai zinc remained stable. Most downstream enterprises completed price - fixing and stockpiling before the holiday, resulting in light trading. Shanghai quoted a discount of 30 yuan/ton to the October contract, Tianjin quoted at par with Shanghai, and Guangdong quoted a discount of 70 yuan/ton to the November contract [7]. 2. Industry News - 0 Zinc Prices and Quotes: On September 25, 2025, the mainstream transaction price of 0 zinc was 21,880 - 21,965 yuan/ton, with different quotes for different brands and regions. For example, in the Shanghai market, ordinary domestic brands quoted a discount of 30 yuan/ton to the 2510 contract, and high - end brands like Shuangyan quoted a premium of 130 yuan/ton to the 2510 contract [8]. - Regional Market Quotes: In the Ningbo market, the mainstream brand 0 zinc was traded at 21,880 - 21,995 yuan/ton, quoting a discount of 25 yuan/ton to the 2510 contract and a premium of 30 yuan/ton to the Shanghai spot. In the Tianjin market, 0 zinc was traded at 21,880 - 22,010 yuan/ton, and in the Guangdong market, 0 zinc was traded at 21,810 - 21,965 yuan/ton, with different quotes for different brands and contracts [8][9]. 3. Data Overview - The report provides charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, but no specific data analysis is presented in the given text [11][15].