锌：外盘支撑

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints - The zinc market shows external support, with the LME zinc market facing a severe squeeze due to Western smelter production cuts and depleting inventories, leading to a significant increase in the spot premium [2] - The zinc trend strength is neutral, with a value of 0 [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 21,970 yuan/ton, up 0.55%; the LME zinc 3M electronic disk closed at 2,976 dollars/ton, up 1.24% [1] - Volumes and Positions: The trading volume of SHFE zinc main contract was 108,521 lots, an increase of 10,835 lots; the LME zinc trading volume was 8,609 lots, a decrease of 2,492 lots. The open interest of SHFE zinc main contract was 130,442 lots, an increase of 5,270 lots; the LME zinc open interest was 224,013 lots, a decrease of 200 lots [1] - Premiums and Discounts: The premium of Shanghai 0 zinc was -50 yuan/ton, a decrease of 10 yuan/ton; the LME CASH - 3M premium was 230.29 dollars/ton, an increase of 100.29 dollars/ton [1] - Inventories: SHFE zinc futures inventory was 66,268 tons, a decrease of 151 tons; LME zinc inventory was 37,275 tons, a decrease of 50 tons [1] 3.2 News - LME Zinc "Squeeze": The LME zinc market is experiencing its most severe squeeze in decades, with available zinc inventories less than one - day's demand and the spot premium soaring to the highest level since 1997 [2] - Russia - Ukraine Process: The preparation for the "Trump - Putin meeting" has encountered obstacles, and the call for an "immediate cease - fire" by European countries has created uncertainty for the meeting [2][3] 3.3 Trend Strength - The zinc trend strength is 0, indicating a neutral outlook [3]