锌期货日报-20251218

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: December 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The zinc market is currently intertwined with both bullish and bearish factors, and macro - sentiment fluctuates frequently. On the industrial level, supply tightening and off - season inventory reduction still provide downside support. It is expected that the short - term zinc price will continue to fluctuate around 23,000 yuan/ton [7] Summary by Directory 1. Market Review - In the futures market, for different contracts of SHFE zinc (2601, 2602, 2603), prices all declined. The main contract of SHFE zinc dropped to 22,835 yuan/ton, then oscillated higher in the morning session, closing at 22,970 yuan/ton, down 170 yuan with a decline of 0.73%, and there was a reduction in volume and open interest. The concern about low inventory of LME zinc eased, leading to a weaker structure, and the inventory on December 17 increased by 2,150 tons to 97,700 tons. Domestically, the tightness in the mining end continued to spread, with processing fees decreasing and arrivals reducing, which supported the continuous reduction of social inventory. Some spot market transactions improved slightly, but downstream buyers were mainly making rigid purchases due to factors like environmental protection. As the price on the futures market continued to fall, more downstream buyers were placing price - fixing orders [7] 2. Industry News - On December 17, 2025, the mainstream transaction prices of 0 zinc were concentrated between 23,035 - 23,200 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction prices of 1 zinc were between 22,965 - 23,130 yuan/ton. In different markets, such as Ningbo, Tianjin, and Guangdong, there were specific price ranges and premium/discount situations for different brands of zinc relative to different contracts and other markets [8] 3. Data Overview - The report shows figures related to 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, with data sources including Wind, SMM, and the research and development department of Jianxin Futures [10][12]