建信期货锌期货日报-20251203

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - The center of Shanghai zinc futures has shifted upward. The main contract closed at 22,745 yuan/ton, up 225 yuan or 1.00%. The net long position increased by 1,868 lots. The market trading weakened due to downstream price - fear sentiment. The supply side tightened as the refined zinc output in November is expected to decrease by about 20,000 tons. The domestic social inventory has been decreasing for three consecutive weeks. With the 80%+ expectation of interest rate cuts in December, Shanghai zinc is expected to operate strongly, and attention should be paid to the previous high pressure level [7] 3. Summary by Directory 3.1 Market Review - Futures Market Quotes: For Shanghai zinc 2512, the opening price was 22,640 yuan/ton, the closing price was 22,700 yuan/ton, up 195 yuan or 0.87%, and the position decreased by 1,265 lots. For Shanghai zinc 2601, the opening price was 22,650 yuan/ton, the closing price was 22,745 yuan/ton, up 225 yuan or 1.00%, and the position increased by 569 lots. For Shanghai zinc 2602, the opening price was 22,700 yuan/ton, the closing price was 22,775 yuan/ton, up 220 yuan or 0.98%, and the position increased by 3,842 lots [7] - Market Situation: The market trading weakened due to downstream price - fear sentiment. The premium of Shanghai market to 01 contract was 140 yuan/ton, Tianjin market was at a discount of 70 yuan/ton to Shanghai market, and Guangdong market was at a discount of 30 yuan/ton to 01 contract. The domestic social inventory has been decreasing for three consecutive weeks, and the supply side tightened as the refined zinc output in November is expected to decrease by about 20,000 tons [7] 3.2 Industry News - 0 Zinc Prices on December 2, 2025: The mainstream transaction price of 0 zinc was concentrated between 22,795 - 22,900 yuan/ton, and Shuangyan was between 22,895 - 23,000 yuan/ton. The morning market quoted a premium of 100 - 110 yuan/ton to the SMM average price [8] - Ningbo Market: The mainstream price of 0 zinc was around 22,805 - 22,880 yuan/ton. The regular brands in Ningbo quoted a premium of 120 yuan/ton to the 2601 contract and a premium of 90 yuan/ton to the Shanghai spot price [8] - Tianjin Market: The mainstream transaction price of 0 zinc ingots was between 22,610 - 22,770 yuan/ton, and Zijin was between 22,800 - 22,900 yuan/ton. 0 zinc generally quoted a premium of 0 - 70 yuan/ton to the 2512 contract, and Zijin quoted a premium of 190 - 200 yuan/ton to the 2512 contract. Tianjin market was at a discount of about 70 yuan/ton to Shanghai market [8] - Guangdong Market: The mainstream transaction price of 0 zinc was between 22,615 - 22,740 yuan/ton. The mainstream brands quoted a discount of 30 yuan/ton to the 2601 contract, and the price difference between Shanghai and Guangdong expanded [8] 3.3 Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventories, and LME zinc inventories, with data sources from Wind, SMM, and the research and development department of CCB Futures [10][12]