国泰君安期货锌：区间震荡

Report Industry Investment Rating - Zinc investment rating: Range-bound [1] Core Viewpoints - The zinc market shows a range-bound trend, and the trend strength is neutral with a value of 0 [1][3] Summary by Relevant Catalogs Fundamental Tracking - Price and Volume: The closing price of Shanghai Zinc main contract was 22,000 yuan/ton, up 0.14%; the closing price of LME Zinc 3M electronic disk was 2,993.5 dollars/ton, up 0.59%. The trading volume of Shanghai Zinc main contract was 102,274 lots, down 6,247; the trading volume of LME Zinc was 11,953 lots, up 3,344. The open interest of Shanghai Zinc main contract was 132,692 lots, up 2,250; the open interest of LME Zinc was 221,589 lots, down 2,424 [1] - Premium and Discount: Shanghai 0 zinc premium was -55 yuan/ton, down 5; LME CASH - 3M premium was 299.34 dollars/ton, up 69.05. Guangdong 0 zinc premium was -90 yuan/ton, up 5; the import bill of lading premium was 135 dollars/ton, unchanged. Tianjin 0 zinc premium was -55 yuan/ton, down 5; the spot import profit and loss of zinc ingots was -5,420.07 yuan/ton, down 670.14 [1] - Inventory: Shanghai Zinc futures inventory was 65,209 tons, down 1,059; LME zinc inventory was 35,300 tons, down 1,975. The LME zinc cancelled warrants were 10,875 tons, down 1,975; the LME off - warrant (T + 3) was 11,606 tons, up 1,370 [1] - Related Products: The price of 1.0mm hot - dipped galvanized coil was 4,183 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 23,075 yuan/ton, down 40; the price of Shanghai Zamak - 3 zinc alloy was 22,525 yuan/ton, down 40. The price of zinc oxide ≥99.7% was 21,000 yuan/ton, down 100 [1] News - Financial Market: PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors and failure to pay interest on time, which is a new sign of stress in the low - income consumer sector of the US economy. JPMorgan Chase CEO warned that there may be more problems in the credit field [2] - Gold Market: The price of gold suffered the largest single - day plunge since 2013 on Tuesday. The spot gold fell about 2.2% on Wednesday night Beijing time, and the decline narrowed in the New York尾盘, while gold futures turned slightly higher. The holdings of physical - supported gold ETFs reached a three - year high, and the market dominated by ETF funds is often volatile [2][3] Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [3]