沪锌期货早报-20251203

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term trend of the Shanghai zinc ZN2601 is expected to fluctuate weakly. Although the previous trading day showed an upward trend with increased trading volume, more long - positions were added and short - positions were reduced, and the technical indicators presented a complex situation [19][2] Group 3: Summary by Relevant Catalogs 1. Fundamental Information - In September 2025, global refined zinc production was 1.1935 million tons and consumption was 1.2292 million tons, resulting in a supply shortage of 35,700 tons. From January to September, global zinc plate production was 10.3632 million tons and consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons, and from January to September, it was 9.9647 million tons [2] 2. Basis - The spot price was 22,850, and the basis was + 105, showing a neutral situation [2] 3. Inventory - On December 2, LME zinc inventory increased by 350 tons to 52,375 tons, while the SHFE zinc inventory warrant decreased by 1,974 tons to 63,804 tons, presenting a neutral situation [2] 4. Futures Exchange Zinc Futures Quotes on December 2 - The trading volume of zinc futures contracts on December 2 totaled 176,420 lots, and the total trading value was 2.0037175 billion yuan. The open interest was 196,148 lots, an increase of 4,053 lots [3] 5. Domestic Main Spot Market Quotes on December 2 - The domestic zinc concentrate spot TC was 2,300 yuan/metal ton, and the imported comprehensive TC was 70 US dollars/thousand tons. The prices of 0 zinc in Shanghai, Guangdong, Tianjin, and Zhejiang all increased, with an increase of 160 - 200 yuan/ton [4] 6. National Main Market Zinc Ingot Inventory Statistics (November 17 - 27, 2025) - The total zinc ingot inventory in major Chinese markets decreased from 162,400 tons on November 17 to 140,400 tons on November 27 [5] 7. SHFE Zinc Warrant Report on December 2 - The total SHFE zinc warrant on December 2 was 63,804 tons, a decrease of 1,974 tons compared to the previous day [6] 8. LME Zinc Inventory Distribution and Statistics on December 2 - The inventory in different locations showed different changes, such as an increase of 350 tons at one location and a decrease of 250 tons at another [8] 9. National Main City Zinc Concentrate Price Summary on December 2 - No detailed price information provided 10. National Market Zinc Ingot Smelter Price Quotes on December 2 - The prices of 0 zinc ingots from various smelters, including Hunan Zhuzhou Smelter, Liaoning Huludao Zinc Industry, etc., all increased by 180 yuan/ton [13] 11. Domestic Refined Zinc Production in October 2025 - The actual production in October 2025 was 524,300 tons, with a month - on - month increase of 4.87%, a year - on - year increase of 18.38%, and an increase of 2.88% compared to the planned value. The capacity utilization rate was 73.33%, and the planned production for November was 522,300 tons [15] 12. Zinc Concentrate Processing Fee Quotes on December 2 - The zinc concentrate processing fees in different regions varied, with domestic prices ranging from 2,100 - 2,800 yuan/metal ton, and the imported processing fee being 70 US dollars/thousand tons [17] 13. SHFE Member Zinc Trading and Position Ranking Table on December 2 - The total trading volume of members was 199,086 lots, a decrease of 3,242 lots; the total long - position was 75,263 lots, an increase of 350 lots; the total short - position was 70,088 lots, a decrease of 1,518 lots [18]