Report Information - Report Title: Zinc Futures Daily Report [1] - Date: October 17, 2025 [2] Investment Rating - No investment rating information provided in the report. Core Viewpoints - The zinc market shows an external - strong and internal - weak pattern. It is driven by overseas factors with increased volatility, and the upside space is limited by domestic fundamentals. The low - level rebound momentum is insufficient, and it will mainly fluctuate at a low level in the short term [7]. Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc 2511, the opening price was 22,065 yuan/ton, the closing price was 21,940 yuan/ton, down 55 yuan or 0.25%. The highest was 22,085 yuan/ton, the lowest was 21,880 yuan/ton, and the trading volume decreased with a reduction in positions. For SHFE zinc 2512, the opening was 22,105 yuan/ton, closing at 21,965 yuan/ton, down 70 yuan or 0.32%. For SHFE zinc 2601, the opening was 22,140 yuan/ton, closing at 22,005 yuan/ton, down 60 yuan or 0.27% [7]. - Market Situation: Macro - wise, Fed Governor Milan called for a faster pace of interest rate cuts, and many Fed officials' recent talks were dovish, weakening the US dollar. LME zinc inventory decreased again after a small restocking, with a strong LME 0 - 3 Back structure and increased structural risks under low inventory. The short - term bottom support of LME zinc was strong, and its price rebounded to around $2,945/ton after falling to $2,926/ton. The domestic import profit and loss was - 4,483.6 yuan/ton, and the export window was approaching [7]. 2. Industry News - Shanghai Market: On October 16, 2025, the mainstream transaction price of 0 zinc was 21,965 - 22,030 yuan/ton, that of Shuangyan was 22,025 - 22,120 yuan/ton, and that of 1 zinc was 21,895 - 21,960 yuan/ton. The morning market quoted a premium of 70 - 90 yuan/ton to the SMM average price, and there were few quotes against the market. In the second trading session, the ordinary domestic brand quoted a premium of 40 yuan/ton to the 2511 contract, Baiyin quoted a premium of 30 yuan/ton, and Shuangyan quoted a premium of 100 - 130 yuan/ton [8]. - Ningbo Market: The mainstream transaction price of 0 zinc was around 21,935 - 21,970 yuan/ton. The regular brands in Ningbo quoted a discount of 10 yuan/ton to the 2511 contract and a premium of 30 yuan/ton to the Shanghai spot price [8]. - Tianjin Market: The mainstream transaction price of 0 zinc ingots was 22,250 - 22,410 yuan/ton, that of Zijin was 22,320 - 22,470 yuan/ton, and that of 1 zinc ingots was around 22,180 - 22,280 yuan/ton. The price of Huludao was 23,100 yuan/ton. The ordinary 0 zinc quoted a discount of 50 to a premium of 20 yuan/ton to the 2511 contract, and Zijin quoted a premium of 20 - 80 yuan/ton [8]. - Guangdong Market: The mainstream transaction price of 0 zinc was 22,250 - 22,380 yuan/ton. The mainstream brands quoted a discount of 45 yuan/ton to the 2511 contract and a discount of 20 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed [8][9]. 3. Data Overview - The report provided figures such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources including Wind, SMM, and the Research and Development Department of CCB Futures [11][13]
锌期货日报-20251017
Jian Xin Qi Huo·2025-10-17 06:29