建信期货锌期货日报-20251105

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: November 5, 2025 [2] Market Review - Futures Market Performance: The Shanghai Zinc futures opened with a gap - up. The contract 2512 closed at 22,670 yuan/ton, up 185 yuan or 0.82%. It showed a pattern of increasing volume and decreasing positions, with positions decreasing by 2,016 to 116,923 lots. Other contracts like 2511 and 2601 also had price increases [7]. - Supply - Side Situation: Domestic northern mines are seasonally reducing production, and some mines are actively controlling production after completing their annual plans. Domestic zinc ore supply is on a downward trend, and zinc ore TC is expected to weaken. The imported zinc ore processing fee in October also started to decline, and zinc ore imports are still at a loss, making domestic ore more price - competitive. With smelters' winter storage demand, domestic TC is under more pressure. Although smelters currently have relatively sufficient raw material inventories, zinc ingot production may be restricted due to the decline in domestic zinc ore processing fees and tightened raw material supply [7]. - LME Inventory and Market Support: The 0 - 3 Back extreme value has significantly declined. There was a 225 - ton delivery at LME Hong Kong and a 1,700 - ton reduction in Singapore. LME zinc inventory is below 35,000 tons. The tight supply pattern and an overall optimistic macro - environment strongly support the London zinc price. Overall, with the realization of export increments, the supply - demand pattern has marginally improved. The focus of the fundamentals has shifted to the impact of the tight ore situation on zinc prices, which provides some support, while weak consumption restricts the upside. Shanghai zinc has a weak rebound from a low level [7]. Industry News - Price Ranges in Different Markets on November 4, 2025: In the mainstream market, 0 zinc was traded at 22,610 - 22,810 yuan/ton, double - swallow brand at 22,670 - 22,890 yuan/ton, and 1 zinc at 22,540 - 22,740 yuan/ton. In the morning, the market offered a premium of 50 yuan/ton for the next - month ticket against the SMM average price, with few quotes against the market [8]. - Regional Market Details: In the Ningbo market, the mainstream 0 zinc was traded at 22,620 - 22,800 yuan/ton, with a discount of 40 yuan/ton against the 2512 contract and a premium of 50 yuan/ton against the Shanghai spot price. In the Tianjin market, 0 zinc was traded at 22,540 - 22,720 yuan/ton, and the 0 ordinary zinc was at a discount of 10 - 90 yuan/ton against the 2512 contract. In the Guangdong market, 0 zinc was traded at 22,520 - 22,750 yuan/ton, with a discount of 100 yuan/ton against the 2512 contract and a discount of 10 yuan/ton against the Shanghai spot price [8]. Data Overview - Data Charts: The report includes charts such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [11][13]