Report Information - Report Name: Zinc Futures Daily Report [1] - Date: November 6, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The Shanghai Zinc main contract 2512 closed at 22,650 yuan/ton, down 35 yuan or 0.15%, with reduced volume and positions. The supply of domestic zinc ore is decreasing, and the zinc ore TC is expected to weaken. The import zinc ore processing fee has also peaked and declined, and the import of zinc ore is still at a loss. The production of zinc ingots may be restricted by the decline of domestic zinc ore processing fees and the tightening of raw material supply. The 0 - 3 Back structure is 138.78, and the LME zinc inventory is flat at 33,825 tons. The tight supply pattern and the overall optimistic macro - environment strongly support the LME zinc price. Overall, the supply - demand pattern has improved marginally, and the focus of the fundamentals has shifted to the ore - tight logic, which supports the zinc price. The Shanghai Zinc has rebounded weakly at a low level, and the upper track of the short - term Bollinger Band forms a suppression [7]. 3. Summary by Section 3.1 Market Review - Futures Market Quotes: - For SHFE Zinc 2511, the opening price was 22,585 yuan/ton, the closing price was 22,590 yuan/ton, the highest was 22,630 yuan/ton, the lowest was 22,470 yuan/ton, down 60 yuan or 0.26%, with a position of 7,745 lots and a decrease of 840 lots. - For SHFE Zinc 2512 (the main contract), the opening price was 22,605 yuan/ton, the closing price was 22,650 yuan/ton, the highest was 22,685 yuan/ton, the lowest was 22,505 yuan/ton, down 35 yuan or 0.15%, with a position of 112,477 lots and a decrease of 4,446 lots. - For SHFE Zinc 2601, the opening price was 22,680 yuan/ton, the closing price was 22,690 yuan/ton, the highest was 22,720 yuan/ton, the lowest was 22,540 yuan/ton, down 35 yuan or 0.15%, with a position of 71,495 lots and an increase of 1,162 lots [7]. - Supply and Price Analysis: Domestic northern mines are seasonally reducing production, and some mines are actively controlling production after completing their annual plans. The domestic zinc ore supply is decreasing, and the zinc ore TC is expected to weaken. The import zinc ore processing fee has also declined. Although the internal - external ratio has recovered from a low level, the import of zinc ore is still at a loss, and the price advantage of domestic ore is prominent. With the decline of domestic zinc ore processing fees and the tightening of raw material supply, zinc ingot production may be restricted [7]. 3.2 Industry News - 0 Zinc Transactions on November 5, 2025: - The mainstream transaction price of 0 zinc was concentrated at 22,505 - 22,640 yuan/ton, and that of Shuangyan was 22,565 - 22,670 yuan/ton. The mainstream transaction price of 1 zinc was 22,435 - 22,570 yuan/ton. In the morning, the market quoted a premium of 80 yuan/ton to the SMM average price. In the second trading session, the ordinary domestic zinc was quoted at a premium of 0 - 30 yuan/ton to the 2512 contract, Baiyin was quoted at a premium of 0 yuan/ton to the 2512 contract, and Shuangyan was quoted at a premium of 60 yuan/ton to the 2512 contract. - In the Ningbo market, the mainstream brand 0 zinc was traded at about 22,515 - 22,610 yuan/ton. The conventional brands in Ningbo were quoted at a discount of 15 yuan/ton to the 2512 contract and a premium of 60 yuan/ton to the Shanghai spot price. In the first period, Qilin was quoted at a premium of 0 - 20 yuan/ton to the 2512 contract, and Anning was quoted at a premium of 0 yuan/ton to the 2512 contract. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was 22,410 - 22,590 yuan/ton, and that of Zijin was 22,600 - 22,700 yuan/ton. The transaction price of 1 zinc ingots was around 22,390 - 22,500 yuan/ton, and the price of Huludao was 23,400 yuan/ton. The ordinary 0 zinc was quoted at a discount of 20 - 100 yuan/ton to the 2512 contract, and Zijin was quoted at a premium of 90 yuan/ton to the 2512 contract. The Tianjin market was at a discount of about 20 yuan/ton to the Shanghai market. - In the Guangdong market, the mainstream transaction price of 0 zinc was 22,390 - 22,535 yuan/ton. The mainstream brands were quoted at a discount of 95 yuan/ton to the 2512 contract and a discount of 20 yuan/ton to the Shanghai spot price. The price difference between Shanghai and Guangdong widened. In the first period, the holders of Qilin, Mengzi, Danxia, Anning, and Lanxing were quoted at a discount of 115 - 75 yuan/ton, and in the second period, Qilin, Mengzi, Anning, and Lanxing were quoted at a discount of 115 - 85 yuan/ton [8][9]. 3.3 Data Overview - The report provides figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, but no specific data analysis is given [11][12].
建信期货锌期货日报-20251106
Jian Xin Qi Huo·2025-11-06 11:08