国泰君安期货：锌：偏弱震荡

Group 1: Report Industry Investment Rating - The investment rating for zinc is "Weak and volatile" [1] Group 2: Core View of the Report - The zinc market shows a weak and volatile trend, with a trend strength of -1, indicating a relatively bearish outlook [1][3] Group 3: Summary of Related Catalogs 1. Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 22,015 yuan/ton, down 0.92%; the closing price of LME zinc 3M electronic disk was 2,949 dollars/ton, down 2.09% [1] - Trading Volume: The trading volume of SHFE zinc main contract was 124,266 lots, down 41; the trading volume of LME zinc was 19,272 lots, up 6,240 [1] - Open Interest: The open interest of SHFE zinc main contract was 89,912 lots, down 5,282; the open interest of LME zinc was 223,801 lots, up 4,285 [1] - Premiums and Discounts: Shanghai 0 zinc premium/discount was -50 yuan/ton, up 5; LME CASH - 3M premium/discount was 115 dollars/ton, up 26 [1] - Inventory: SHFE zinc futures inventory was 65,666 tons, up 7,172; LME zinc inventory was 38,350 tons, down 250 [1] 2. News - The US Treasury Secretary signaled easing, and the working - level of both sides maintained communication. China's Ministry of Commerce reiterated its stance on the tariff war. US media analysis pointed out that the US's recent contradictory statements revealed internal policy differences, and it was difficult to implement extreme tariff measures [1]