沪锌期货日报-20251031

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In the fourth quarter, the opening of the domestic export window may alleviate the expectation of tight supply. The Shanghai zinc futures are likely to lack a trending market in the short term and will probably maintain a range-bound oscillation [10] 3. Summary According to the Directory 3.1 Futures Market - Contract Market - On October 29, 2025, the price of Shanghai zinc futures rose slightly against the trend, closing at 22,430 yuan/ton, up 0.27% from the previous trading day. The trading volume was 114,143 lots, and the open interest was 118,849 lots [2] 3.2 Futures Market - Variety Price - There are 12 contracts of Shanghai zinc futures today, with a total open interest of 210,352 lots, an increase of 1,255 lots from the previous trading day. The open interest of the main contract zn2512 decreased by 1,844 lots [5] - Specific data for each contract, including the latest price, opening price, trading volume, open interest, daily increase in open interest, increase rate, rise and fall, lowest price, highest price, previous settlement price, and settlement price, are provided in the table [6] 3.3 Fundamental Situation - The total supply remains at a high level. During the "Golden September and Silver October" peak season, the month-on-month increase in consumption is not obvious. However, the production of galvanized coils and die-cast alloys is at the second-highest level in the same period in history, indicating that the absolute level of terminal demand is not low. The limited seasonal increase has led to the "peak season not being prosperous" [9] 3.4 Conclusion and Outlook - From a fundamental perspective, the opening of the domestic export window in the fourth quarter may alleviate the expectation of tight supply. The Shanghai zinc futures are likely to lack a trending market in the short term and will probably maintain a range-bound oscillation [10]