Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-19 09:38Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report predicts that Shanghai zinc will undergo a period of oscillatory adjustment, with a focus on the range of 22,300 - 22,600 yuan/ton [3][4]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract is 22,420 yuan/ton, up 110 yuan; the price difference between the December - January contracts is -15 yuan/ton, up 5 yuan. - The LME three - month zinc quotation is 2,990.5 US dollars/ton, up 1 US dollar. - The total open interest of Shanghai zinc is 202,518 lots, a decrease of 8,128 lots; the net open interest of the top 20 in Shanghai zinc is 6,335 lots, an increase of 639 lots. - The Shanghai Futures Exchange inventory is 100,892 tons, an increase of 684 tons; the LME inventory is 43,525 tons, an increase of 3,550 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,420 yuan/ton, up 100 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,400 yuan/ton, up 240 yuan. - The basis of the ZN main contract is 0 yuan/ton, a decrease of 10 yuan; the LME zinc premium (0 - 3) is 129.76 US dollars/ton, an increase of 24.79 US dollars. - The arrival price of 50% zinc concentrate in Kunming is 18,410 yuan/ton, a decrease of 60 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,950 yuan/ton, unchanged [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is -27,800 tons, a decrease of 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, an increase of 17,700 tons. - The global zinc mine production is 1.0976 million tons, an increase of 21,400 tons; the domestic refined zinc production is 651,000 tons, an increase of 34,000 tons. - The zinc ore import volume is 505,400 tons, an increase of 38,100 tons [3]. 3.4 Industry Situation - The refined zinc import volume is 22,677.51 tons, a decrease of 2,979.32 tons; the refined zinc export volume is 2,477.83 tons, an increase of 2,166.92 tons. - The zinc social inventory is 161,900 tons, an increase of 1,100 tons [3]. 3.5 Downstream Situation - The production of galvanized sheets is 2.32 million tons, an increase of 10,000 tons; the sales volume of galvanized sheets is 2.28 million tons, a decrease of 90,000 tons. - The new housing construction area is 453.99 million square meters, an increase of 55.9799 million square meters; the housing completion area is 311.2888 million square meters, an increase of 34.3534 million square meters. - The automobile production is 3.227 million vehicles, an increase of 474,600 vehicles; the air - conditioner production is 18.0948 million units, an increase of 1.276 million units [3]. 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 11.6%, a decrease of 0.7%; the implied volatility of at - the - money put options for zinc is 11.6%, a decrease of 0.7%. - The 20 - day historical volatility of at - the - money options for zinc is 11.46%, an increase of 1.11%; the 60 - day historical volatility of at - the - money options for zinc is 9.28%, a decrease of 0.03% [3]. 3.7 Industry News - In the week ending October 18, the number of initial jobless claims in the US was 232,000, and the number of continued claims was 1.957 million, slightly up from the previous week's 1.947 million. - Li Qiang met with Russian President Vladimir Putin, expressing China's determination to develop mutually beneficial cooperation with Russia [3]. 3.8 Viewpoint Summary - The import of zinc ore has increased as long - term agreement ores signed by smelters arrive at ports, and smelters are stockpiling raw materials for winter production. However, the domestic zinc ore processing fee has been lowered, and the sulfuric acid price has fallen, significantly squeezing smelter profits, with some smelters incurring losses. Although new production capacities are being released, the growth of refined zinc production is limited. - Overseas zinc supply is tight, the Shanghai - London ratio has dropped significantly, and the export window has opened, with a shift towards net exports expected. - On the demand side, the traditional peak season effect of "Golden September and Silver October" was weak, with the real estate sector being a drag, while policy support in the automotive and home appliance sectors brought some bright spots. The downstream market mainly purchases on - demand at low prices, the market atmosphere has warmed up, the spot premium has rebounded, and domestic inventory has decreased slightly. The de - stocking of LME zinc has slowed down, and the spot premium is at a high level. - Technically, the open interest has decreased while the price has fallen, weakening the bullish sentiment. Attention should be paid to the support at the MA60 [3].