锌期货日报-20251114

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: November 14, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not mentioned in the report Core View - The zinc price is supported by the temporary tightening of the mining end and exports. With the end of the US government shutdown and the recovery of market risk appetite, the zinc price will fluctuate strongly in the upper - middle range of the Bollinger Bands in the short term [7] Summary by Section 1. Market Review - Futures Market: For SHFE zinc contracts 2511, 2512, and 2601, the closing prices were 22,730 yuan/ton, 22,740 yuan/ton, and 22,785 yuan/ton respectively, with increases of 130 yuan (0.58%), 100 yuan (0.44%), and 105 yuan (0.46%). The main contract 2512 had a trading volume increase and a position decrease of 2,967 lots to 102,938 lots [7] - Inventory: Since November, there have been successive deliveries in Singapore, Hong Kong, and Kaohsiung. On the 12th, LME zinc inventory increased by 575 tons to 35,875 tons, a cumulative increase of 2,050 tons from the beginning of the month. The Cash - 3M spread was 128.30B, indicating a relief of supply tightness [7] - Domestic Mines: Northern domestic mines have seasonal production cuts, and some mines have actively controlled production after completing their annual plans. The domestic zinc concentrate TC has weakened month - on - month [7] - Downstream: The peak season for downstream industries is ending, and environmental protection warnings are frequent. The operating rates of galvanizing and die - casting zinc have decreased month - on - month, and downstream enterprises are replenishing inventory based on rigid demand [7] - Spot Premium: The spot premium remained stable month - on - month. The Shanghai market had a premium of 80 yuan/ton over the 12 - contract, the Tianjin market had a premium of 130 yuan/ton over the Shanghai market, and the Guangdong market's premium decreased slightly, with a discount of 40 yuan/ton to the Shanghai market [7] 2. Industry News - Price Range: On November 13, 2025, the mainstream transaction prices of 0 zinc were 22,705 - 22,820 yuan/ton, and for 1 zinc, it was 22,635 - 22,750 yuan/ton. Different brands had different premiums or discounts to the 2512 contract in different markets [8] - Regional Markets: In the Ningbo market, the mainstream 0 zinc was traded at 22,665 - 22,780 yuan/ton, with a premium of 40 yuan/ton to the 2512 contract. In the Tianjin market, 0 zinc was traded at 22,550 - 22,750 yuan/ton, and in the Guangdong market, 0 zinc was traded at 22,535 - 22,680 yuan/ton, with different premiums or discounts to relevant contracts and the Shanghai market [8] 3. Data Overview - Data Sources: The data in the report are from Wind, SMM, and the Research and Development Department of CCB Futures [11][14][16] - Graphs: The report includes graphs such as the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads [12][15]