锌：内外分化

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View The report focuses on the zinc market, showing an internal - external differentiation situation. The trend strength of zinc is rated as neutral [1][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 21,940 yuan/ton, down 0.34%; the closing price of LME zinc 3M electronic disk was 2,940.5 dollars/ton, down 0.29% [1]. - Trading Volume: The trading volume of SHFE zinc main contract was 91,938 lots, a decrease of 32,328 lots; the trading volume of LME zinc was 12,267 lots, a decrease of 7,005 lots [1]. - Open Interest: The open interest of SHFE zinc main contract was 87,075 lots, a decrease of 2,837 lots; the open interest of LME zinc was 224,550 lots, an increase of 749 lots [1]. - Premiums and Discounts: Shanghai 0 zinc premium/discount was - 40 yuan/ton, an increase of 10 yuan/ton; LME CASH - 3M premium/discount was 129.5 dollars/ton, an increase of 14.5 dollars/ton [1]. - Inventory: SHFE zinc futures inventory was 67,466 tons, an increase of 1,800 tons; LME zinc inventory was 38,300 tons, a decrease of 50 tons [1]. - Related Products: The price of 1.0mm hot - dipped galvanized coil was 4,200 yuan/ton, down 13 yuan/ton; the price of Shanghai Zamak - 5 zinc alloy was 23,095 yuan/ton, down 90 yuan/ton [1]. News The US intends to extend the suspension period of tariffs on Chinese goods in exchange for China delaying the implementation of rare - earth export controls. China's Ministry of Foreign Affairs has stated its stance on rare - earth export controls and Sino - US economic and trade issues [1].