锌产业周报-20260308

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Likely Positive Factors: Tensions in the Middle East have disrupted European natural gas supplies, driving up zinc prices. The domestic smelting profit has recovered, and the spot performance is better than that of copper and aluminum [3]. - Likely Negative Factors: Short - term supply - demand contradictions are not prominent, and market capital shows low interest. The significant increase in SHFE warehouse receipts and tight liquidity are suppressing prices [3]. - Trading Consultation Views: The overall fundamentals are neutral, with short - term prices expected to fluctuate. Attention should be paid to inventory changes [3]. 3. Summaries by Relevant Catalogs 3.1 Processing and End - User Demand - Multiple charts are presented, including the weekly market sentiment index of galvanized coils, weekly and seasonal data on galvanized coil inventory, steel mill galvanized coil weekly production, net exports of galvanized sheets (strips), net imports of die - cast zinc alloys, net exports of color - coated sheets (strips), net exports of zinc oxide, and various real - estate and infrastructure investment data [4][7][10][12][15] 3.2 Supply and Supply - Side Profits - Charts show seasonal data on zinc concentrate monthly imports, weekly processing fees of imported and domestic zinc concentrates, zinc ingot monthly production, refined zinc enterprise production profits and processing fees, zinc ingot monthly production + imports, zinc concentrate raw material inventory days, and various inventory data including LME and SHFE zinc inventories [18][20][21] 3.3 Futures Market and Spot Market Review - Charts present the price trends of domestic and foreign zinc, trading volume and open interest of SHFE zinc main contracts, the relationship between LME zinc closing prices and the US dollar index, LME zinc's spot/three - month and 3 - 15 - month spreads, and various basis data including LME zinc's spot/three - month spread seasonality, Tianjin zinc ingot basis seasonality, and the basis trends of zinc ingots in three locations [27][28][29][31]