沪锌期货早报-20251112

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The previous trading day saw the Shanghai zinc futures oscillate and decline, closing with a negative candlestick, a shrinking trading volume, and both long and short positions reducing, with more long - position reduction. The market may experience short - term oscillatory consolidation. Technically, the price closed above the moving average system with strong support. Short - term indicators KDJ declined but remained in the strong zone, and the trend indicator showed an increase in bullish power and a decrease in bearish power, with the bullish power having an expanding advantage. The Shanghai zinc ZN2512 is expected to oscillate and rebound [2][19] Group 3: Summary According to Related Catalogs 1. Fundamentals - In August 2025, global zinc plate production was 1150700 tons, consumption was 1171700 tons, resulting in a supply shortage of 21000 tons. From January to August 2025, global zinc plate production was 9088500 tons, consumption was 9369800 tons, with a supply shortage of 281300 tons. In August 2025, global zinc ore production was 1069600 tons, and from January to August 2025, it was 8445700 tons [2] 2. Basis - The spot price was 22810, and the basis was + 135 [2] 3. Inventory - On November 11, LME zinc inventory increased by 400 tons to 35300 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 649 tons to 70518 tons [2] 4. Futures Exchange Zinc Futures Quotes on November 11 - For different delivery months of zinc futures, details such as previous settlement price, today's opening price, highest price, lowest price, closing price, settlement reference price, price changes, trading volume, trading amount, and open interest changes were provided. The total trading volume was 119018 lots, the total trading amount was 1352853.18, and the total open interest was 226896 lots with a decrease of 1204 lots [3] 5. Domestic Main Spot Market Quotes on November 11 - For zinc concentrate, domestic zinc concentrate spot TC was 2800 yuan/metal ton, and imported zinc concentrate was 100 US dollars/ton. For zinc ingots, 0 zinc prices in Shanghai, Guangdong, Tianjin, and Zhejiang were in different ranges and had price increases [4] 6. National Main Market Zinc Ingot Inventory Statistics (October 30 - November 10, 2025) - The total inventory in major markets was 16.32 million tons on October 30, 16.23 million tons on November 3, 16.16 million tons on November 6, and 16.15 million tons on November 10, showing a decreasing trend [5] 7. Futures Exchange Zinc Warrant Report on November 11 - The total zinc warrants were 70518 tons, with an increase of 649 tons. Different regions such as Shanghai, Guangdong, Jiangsu, Zhejiang, and Tianjin had different warrant amounts and changes [6] 8. LME Zinc Inventory Distribution and Statistics on November 11 - LME zinc inventory in different global warehouses had various changes, with a total inventory of 35300 tons and an increase of 400 tons [7] 9. National Main City Zinc Concentrate Price Summary on November 11 - Zinc concentrate prices in different regions such as Jiyuan, Kunming, Hechi, etc. were mostly 18350 yuan/ton, with a price increase of 60 yuan/ton [8] 10. National Market Zinc Ingot Smelter Price Quotes on November 11 - 0 zinc ingot prices of different brands such as Hunan Weibahai, Liaoning Huludao Zinc Industry, etc. all increased by 90 yuan/ton [11] 11. Domestic Refined Zinc Production in October 2025 - The planned production value in October was 50.96 million tons, and the actual production was 52.43 million tons, with a month - on - month increase of 4.87% and a year - on - year increase of 18.38%. The capacity utilization rate was 73.33%, and the planned production in November was 52.23 million tons [14] 12. Zinc Concentrate Processing Fee Quotes on November 11 - For domestic zinc concentrate with a 50% grade, the processing fee in most regions was in the range of 2700 - 2900 yuan/metal ton, and for imported zinc concentrate with a 48% grade, it was 100 US dollars/ton [16] 13. Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on November 11 - For the zn2512 contract, details of the top 20 futures companies' trading volume, long - position volume, and short - position volume and their changes compared to the previous trading day were provided. The total trading volume was 127087 lots with a decrease of 31763 lots, the total long - position volume was 74152 lots with a decrease of 2211 lots, and the total short - position volume was 71398 lots with a decrease of 1149 lots [17]