锌：现实面逆风

Report Overview - The report mainly focuses on the zinc market, including its fundamentals, related news, and trend strength [1][2][3] 1. Zinc Market Fundamentals - Price and Volume: The closing price of the Shanghai Zinc main contract was 23,700 yuan/ton, down 0.86%, and the LME Zinc 3M electronic disk closed at 3,279 dollars/ton, down 0.44%. The trading volume of the Shanghai Zinc main contract was 81,736 lots, a decrease of 27,250 lots, and the LME Zinc trading volume was 7,502 lots, an increase of 446 lots [1] - Inventory: Shanghai Zinc futures inventory was 98,670 tons, an increase of 574 tons, and LME Zinc inventory was 118,375 tons, an increase of 20,875 tons. The LME Zinc cancelled warrants were 6,150 tons, a decrease of 550 tons [1] - Premium and Discount: Shanghai 0 zinc premium was -115 yuan/ton, a decrease of 5 yuan/ton; LME CASH - 3M premium was -43.25 dollars/ton, a decrease of 0.62 dollars/ton [1] 2. News - Geopolitical News: Trump said the US should consider withdrawing from NATO, was disappointed with NATO, and was not satisfied with the current situation. The US is not ready to end the conflict with Iran but will leave in the near future [2] - Industry News: At the NVIDIA GTC conference, it was signaled that the business logic of AI computing power is fundamentally restructuring, with Token becoming a new commodity and computing power equal to revenue. The Blackwell system has reduced the cost per Token by up to 35 times compared to the previous generation, and the upcoming Rubin series is expected to further reduce it by 2 to 35 times [2][3] 3. Trend Strength - The zinc trend strength is -1, indicating a slightly bearish outlook, with the range of trend strength being integers in the [-2, 2] interval [3]