锌：高位波动增加

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The zinc market shows high-level volatility, with the zinc trend strength at 1 [4]. - The U.S. core inflation slowed more than expected in December, with the core CPI growth rate lower than expected, and the CPI year-on-year increase in line with expectations, which strongly confirms the continuous slowdown of inflation [2]. - The CPI report provides more conclusive signals that price pressures are cooling, but it is still not enough to prompt the Fed to cut interest rates this month [2]. 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - Prices: The closing price of the Shanghai zinc main contract was 24,280 yuan/ton, up 0.43%; the closing price of the LME zinc 3M electronic disk was 3,213.5 dollars/ton, up 2.05% [1]. - Trading Volume: The trading volume of the Shanghai zinc main contract was 188,273 lots, an increase of 90,333 lots; the trading volume of LME zinc was 11,180 lots, a decrease of 52 lots [1]. - Open Interest: The open interest of the Shanghai zinc main contract was 111,306 lots, an increase of 9,828 lots; the open interest of LME zinc was 233,254 lots, a decrease of 397 lots [1]. - Premium and Discount: The premium of Shanghai 0 zinc was 70 yuan/ton, a decrease of 5 yuan/ton; the LME CASH - 3M premium was -40.9 dollars/ton, an increase of 3.09 dollars/ton [1]. - Inventory: The Shanghai zinc futures inventory was 33,613 tons, a decrease of 1,728 tons; the LME zinc inventory was 106,900 tons, an increase of 100 tons [1]. 3.2 News - The U.S. core inflation in December was lower than expected, with the core CPI year-on-year increase of 2.6% at the lowest level in nearly five years, and the CPI year-on-year increase of 2.7% in line with expectations, which strongly confirms the continuous slowdown of inflation [2]. - The CPI report provides more conclusive signals that price pressures are cooling, but it is still not enough to prompt the Fed to cut interest rates this month. The Fed may need new evidence of a weakening job market or subsiding price pressures to resume rate cuts [2]. 3.3 Trend Intensity - The zinc trend strength is 1, indicating a relatively neutral trend, with the range of trend strength values in the [-2, 2] integer interval [4].