锌：区间震荡，进口提价溢价

Report Industry Investment Rating - The investment rating for zinc is "range-bound" [1] Core Viewpoints - The trend strength of zinc is 0, indicating a neutral outlook [3] Summary by Relevant Catalogs Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 22,355 yuan/ton, and the LME zinc 3M electronic disk closed at 3,050 dollars/ton with a 0.18% increase [1] - Trading Volume: The trading volume of SHFE zinc main contract was 93,564 lots, a decrease of 17,526 lots, and the LME zinc trading volume decreased by 1,501 lots [1] - Open Interest: The open interest of SHFE zinc main contract was 116,409 lots, a decrease of 3,349 lots, and the LME zinc open interest decreased by 43 lots [1] - Premium: The premium of Shanghai 0 zinc was -30 yuan/ton, an increase of 10 yuan/ton, and the LME CASH - 3M premium was 85.57 dollars/ton, a decrease of 10.45 dollars/ton [1] - Inventory: SHFE zinc futures inventory was 67,774 tons, an increase of 650 tons, and LME zinc inventory was 35,300 tons, an increase of 400 tons [1] News - US Treasury Secretary Besent said that if inflation declines, the Fed should cut interest rates, and Trump has not imposed a 10% tariff on Canada [2] - Three Fed officials opposed the October rate cut, while Waller supported a December rate cut. The market currently expects a 61% chance of another rate cut by the end of the year, down from 92% before Powell's speech [2][3]