锌：偏强运行

Report Industry Investment Rating - The investment rating for zinc is "stronger operation" [1] Core View - The zinc market is expected to run strongly, with a trend strength of 0, indicating a neutral - to - slightly - positive outlook [1][3] Summary According to Related Content 1. Zinc Market Data - Prices: The closing price of SHFE zinc main contract was 22,565 yuan/ton, up 0.94% from the previous day; the closing price of LME zinc 3M electronic disk was 3,050 dollars/ton, up 0.18% [1] - Volumes: The trading volume of SHFE zinc main contract was 140,709 lots, an increase of 47,145 lots; the trading volume of LME zinc was 8,918 lots, a decrease of 1,501 lots [1] - Open Interests: The open interest of SHFE zinc main contract was 118,939 lots, an increase of 2,530 lots; the open interest of LME zinc was 223,429 lots, an increase of 1,194 lots [1] - Premiums and Discounts: Shanghai 0 zinc premium/discount was - 30 yuan/ton, unchanged; LME CASH - 3M premium/discount was 85.57 dollars/ton, down 10.45 dollars/ton [1] - Inventories: SHFE zinc futures inventory was 67,649 tons, a decrease of 125 tons; LME zinc inventory was 33,825 tons, a decrease of 1,475 tons [1] 2. News - The US ISM manufacturing PMI in October dropped to 48.7%, contracting for eight consecutive months, with weak demand and employment and cooling inflation [1] - Fed Governor Milan believes that Fed policy is too tight and a series of 50 - basis - point rate cuts should be made to achieve a neutral interest rate [1]