锌期货日报-20251107

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 7, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - Futures Market Performance: The main contract of SHFE zinc, 2512, closed at 22,675 yuan/ton, up 65 yuan or 0.29%, with reduced trading volume and increased open interest, which rose by 528 lots to 113,005 lots. The domestic zinc ore supply is on a downward trend due to seasonal production cuts in northern mines and some mines' active production control after completing their annual plans. The zinc ore TC is expected to weaken. The LME zinc inventory increased by 175 tons to 33,825 tons, and the 0 - 3 Back structure weakened to $98.23/ton. The domestic market has basically shifted to quoting the December contract. With continuous zinc ingot exports, the domestic social inventory has decreased, and the spot premium has remained firm. The Shanghai market quoted a premium of 50 yuan/ton for the December contract, the Tianjin market quoted a discount of 40 yuan/ton compared to the Shanghai market, and the Guangdong market quoted a discount of 95 yuan/ton for the December contract. Against the backdrop of the realized increase in exports, the supply - demand pattern has improved marginally. The focus of the fundamentals has shifted to the impact of the tight - mine logic on the zinc price, which provides some support. The SHFE zinc has rebounded weakly from the low level, and the upper track of the short - term Bollinger Band forms resistance [7]. Industry News - Price Information on November 6, 2025: The mainstream transaction price of 0 zinc was concentrated between 22,595 - 22,695 yuan/ton, and that of Shuangyan was between 22,595 - 22,715 yuan/ton. The mainstream transaction price of 1 zinc was between 22,525 - 22,625 yuan/ton. In the morning, the market quoted a premium of 90 - 100 yuan/ton to the SMM average price. In the second trading session, the ordinary domestic zinc was quoted at a premium of 50 - 60 yuan/ton for the 2512 contract, Baiyin was quoted at a premium of 20 yuan/ton for the 2512 contract, and the high - end brand Shuangyan was quoted at a premium of 50 - 80 yuan/ton for the 2512 contract [8]. - Regional Market Conditions: In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,565 - 22,655 yuan/ton, with a premium of 15 yuan/ton for the 2512 contract and a premium of 70 yuan/ton for the Shanghai spot. In the Tianjin market, 0 zinc was traded at 22,450 - 22,630 yuan/ton, and Zijin was traded at 22,620 - 22,700 yuan/ton. The 0 zinc was quoted at a discount of 0 - 100 yuan/ton for the 2512 contract, and Zijin was quoted at a premium of 70 yuan/ton for the 2512 contract. In the Guangdong market, 0 zinc was traded at 22,440 - 22,550 yuan/ton, with a discount of 95 yuan/ton for the 2512 contract and a discount of 40 yuan/ton for the Shanghai spot. The price difference between Shanghai and Guangdong has widened [8].