沪锌期货早报-20251222

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The previous trading day saw the Shanghai Zinc futures fluctuate and rise, closing with a positive line. The trading volume shrank, and both long and short positions reduced, with more reduction in long positions. The market may fluctuate in the short - term. Technically, the price closed above the long - term moving average with strong support. The short - term KDJ indicator declined and operated in the weak zone. The trend indicator declined, with the long - position strength decreasing and the short - position strength increasing, but the long - position still had an advantage. It is recommended that Shanghai Zinc ZN2601 will fluctuate and strengthen [19] Summary by Relevant Catalogs Fundamental Information - In September 2025, global refined zinc production was 1.1935 million tons, consumption was 1.2292 million tons, with a supply shortage of 35,700 tons. From January to September, global zinc plate production was 10.3632 million tons, 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] Basis Information - The spot price was 23,310, and the basis was +250 [2] Inventory Information - On December 19, LME zinc inventory increased by 500 tons to 99,900 tons compared to the previous day, and the SHFE zinc inventory warrant decreased by 771 tons to 45,178 tons [2] Futures Market Quotes - On December 19, the trading volume of zinc futures contracts on the futures exchange totaled 186,636 lots, with a total trading value of 2.14791046 billion yuan, and the total open interest was 193,602 lots, an increase of 1,279 lots [3] Spot Market Quotes - On December 19, the price of domestic zinc concentrates: the domestic spot TC was 1,600 yuan/metal ton, and the imported comprehensive TC was 50 US dollars/dry ton, a decrease of 20 US dollars/dry ton. The price of 0 zinc in Shanghai was 23,260 - 23,360 yuan/ton, in Guangdong was 22,960 - 23,060 yuan/ton, in Tianjin was 23,025 - 23,125 yuan/ton, and in Zhejiang was 23,245 - 23,345 yuan/ton [4] Inventory Statistics - From December 8 to December 18, 2025, the total zinc ingot inventory in major domestic markets decreased from 132,300 tons to 118,600 tons, a decrease of 13,700 tons [5] Warehouse Receipt Report - On December 19, the total SHFE zinc warehouse receipts were 45,178 tons, a decrease of 771 tons [7] LME Inventory Distribution - On December 19, the total LME zinc inventory was 99,900 tons, an increase of 500 tons [9] Zinc Concentrate Price - On December 19, the price of 50% - grade zinc concentrates in major domestic cities increased by 30 yuan/ton [10] Zinc Ingot Smelter Price - On December 19, the price of 0 zinc ingots from major domestic smelters increased by 30 yuan/ton [13] Refined Zinc Production - In November 2025, the actual domestic refined zinc production was 496,600 tons, a month - on - month decrease of 3.64% and a year - on - year increase of 18.48%. The production was 4.93% lower than the planned value, and the capacity utilization rate was 69.45%. The planned production for December was 477,500 tons [15] Zinc Concentrate Processing Fee - On December 19, the domestic zinc concentrate processing fee for 50% - grade was generally between 1,400 - 2,200 yuan/metal ton, and the imported processing fee for 48% - grade was 50 US dollars/dry ton, a decrease of 20 US dollars/dry ton [17] Member Trading and Position Ranking - On December 19, the total trading volume of zinc futures by SHFE members was 106,373 lots, a decrease of 55,015 lots. The total long - position was 35,180 lots, a decrease of 4,851 lots, and the total short - position was 33,486 lots, a decrease of 3,318 lots [18]