Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 13, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided in the report Core View - The zinc price is supported by the temporary tightening of the ore end and exports but is restricted by weak consumption. In the short term, it will fluctuate within the upper - middle track of the Bollinger Bands [7]. Summary by Directory 1. Market Review - Futures Market Data: For different delivery months of SHFE zinc (2511, 2512, 2601), prices decreased slightly. The main contract 2512 closed at 22,680 yuan/ton, down 40 yuan with a 0.18% decline. The trading volume decreased while the open interest increased by 528 lots to 113,005 lots [7]. - LME Inventory: As of November 11, LME zinc inventory was 35,300 tons, an increase of 1,475 tons from the beginning of the month. The Cash - 3M spread dropped to 117.04B, and the supply shortage eased [7]. - Domestic Zinc Mine: Northern domestic mines have seasonal production cuts, and some mines control production actively after completing their annual plans. The domestic zinc concentrate TC has weakened month - on - month, squeezing smelting profits, but the sulfuric acid price is still rising [7]. - Consumption and Inventory: The peak consumption season is ending, and environmental protection warnings are frequent, so consumption is hard to boost. The export window is open, increasing zinc exports, and domestic social inventory has dropped below 160,000 tons [7]. 2. Industry News - Zinc Transaction Prices: On November 12, 2025, the mainstream transaction prices of 0 zinc were 22,690 - 22,755 yuan/ton, and different brands had different transaction price ranges and premium/discount situations in different markets such as Shanghai, Ningbo, Tianjin, and Guangdong [8] 3. Data Overview - Data Charts: The report includes charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [11][13]
建信期货锌期货日报-20251113
Jian Xin Qi Huo·2025-11-13 06:46