沪锌期货早报-20251111

Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Shanghai zinc futures showed a volatile decline in the previous trading session, and the short - term market may experience volatile consolidation. The price of Shanghai zinc ZN2512 is expected to decline with fluctuations. [19] 3. Summary by Related Catalogs 3.1 Zinc Fundamental Analysis - In August 2025, the global zinc plate production was 1150700 tons, and the consumption was 1171700 tons, resulting in a supply shortage of 21000 tons. From January to August 2025, the global zinc plate production was 9088500 tons, and the consumption was 9369800 tons, with a supply shortage of 281300 tons. In August 2025, the global zinc ore production was 1069600 tons, and from January to August 2025, it was 8445700 tons, which is a bullish factor. [2] - The spot price of zinc was 22690, and the basis was +20, showing a neutral situation. [2] - On November 10, the LME zinc inventory remained unchanged at 34900 tons compared with the previous day, and the SHFE zinc inventory warrants increased by 601 tons to 69869 tons, which is a bearish factor. [2] - The Shanghai zinc futures showed a volatile decline in the previous trading session, closing above the 20 - day moving average, and the 20 - day moving average was upward, which is a bullish factor. [2] - The main positions were net short, and the short positions increased, which is a bearish factor. [2] - The LME inventory warrants remained at a low level, while the SHFE warrants remained at a high level. [2] 3.2 Zinc Futures Market Quotes on November 10 - The trading volume of zinc futures on November 10 was 153081 lots, and the trading value was 1732292870 yuan. The open interest was 228100 lots, an increase of 1217 lots. [3] 3.3 Domestic Spot Market Quotes on November 10 - The price of domestic zinc concentrate was 2800 yuan/metal ton, and the price of imported zinc concentrate was 100 US dollars/dry ton, both remaining unchanged. [4] - The price of 0 zinc in Shanghai was 22640 - 22740 yuan/ton, with an average price of 22690 yuan/ton, a decrease of 70 yuan/ton; in Guangdong, it was 22440 - 22540 yuan/ton, with an average price of 22490 yuan/ton, a decrease of 70 yuan/ton; in Tianjin, it was 22575 - 22675 yuan/ton, with an average price of 22625 yuan/ton, a decrease of 55 yuan/ton; in Zhejiang, it was 22615 - 22715 yuan/ton, with an average price of 22665 yuan/ton, a decrease of 75 yuan/ton. [4] 3.4 Zinc Ingot Inventory Statistics in Major Markets (October 30 - November 10, 2025) - The total inventory of zinc ingots in major domestic markets on November 10 was 161500 tons, a decrease of 800 tons compared with November 3 and a decrease of 100 tons compared with November 6. [5] 3.5 Zinc Warehouse Receipt Report on November 10 - The total zinc warehouse receipts on the SHFE on November 10 were 69869 tons, an increase of 601 tons compared with the previous day. [6] 3.6 LME Zinc Inventory Distribution on November 10 - The LME zinc inventory on November 10 was 34900 tons, remaining unchanged compared with the previous day. [7] 3.7 National Zinc Concentrate Price Summary on November 10 - The average price of 50% - grade zinc concentrate in most regions was 2800 yuan/metal ton, and the average price of imported 48% - grade zinc concentrate was 100 US dollars/kiloton. [16] 3.8 Zinc Futures Trading and Position Ranking of SHFE Members on November 10 - For the contract code zn2512, the top three in terms of trading volume were CITIC Futures, Dongzheng Futures, and Guotai Junan Futures. The top three in terms of long positions were CITIC Futures, Dongzheng Futures, and Guotai Junan Futures. The top three in terms of short positions were CITIC Futures, Guotai Junan Futures, and Dongzheng Futures. [17] 3.9 Domestic Refined Zinc Production in October 2025 - The actual production of refined zinc in October 2025 was 524300 tons, a month - on - month increase of 4.87% and a year - on - year increase of 18.38%. The planned production for November is 522300 tons. [14]