瑞达期货沪锌产业日报-20260323

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report anticipates a weak adjustment in Shanghai zinc prices, and suggests to pay attention to the support level at 24,000 yuan [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract is 22,800 yuan/ton, down 135 yuan; the 05 - 06 contract spread of Shanghai zinc is -30 yuan/ton, down 15 yuan [3] - The LME three - month zinc quotation is 3,056 dollars/ton, down 17.5 dollars; the total open interest of Shanghai zinc is 190,975 lots, down 7,875 lots [3] - The net open interest of the top 20 in Shanghai zinc is -2,059 lots, an increase of 3,358 lots; the Shanghai zinc warehouse receipts are 0 tons, unchanged [3] - The SHFE inventory is 152,266 tons, an increase of 4,918 tons; the LME inventory is 117,675 tons, a decrease of 175 tons [3] 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,670 yuan/ton, down 240 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,370 yuan/ton, down 590 yuan [3] - The basis of the ZN main contract is -130 yuan/ton, down 105 yuan; the LME zinc cash - to - 3 - month spread is -24.61 dollars/ton, an increase of 10.22 dollars [3] - The ex - works price of 50% zinc concentrate in Kunming is 19,810 yuan/ton, an increase of 80 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,900 yuan/ton, down 100 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is 29,000 tons, an increase of 55,700 tons; the ILZSG zinc supply - demand balance is 9,200 tons, an increase of 84,300 tons [3] - The global zinc mine production by ILZSG is 1.0104 million tons, a decrease of 59,600 tons; the domestic refined zinc production is 675,000 tons, an increase of 21,000 tons [3] - The zinc ore import volume is 414,000 tons, a decrease of 180,800 tons [3] 3.4 Industry Situation - The refined zinc import volume is 4,518.01 tons, a decrease of 19,594.63 tons; the refined zinc export volume is 3,866.38 tons, an increase of 1,847.88 tons [3] - The social zinc inventory is 236,000 tons, an increase of 4,700 tons [3] 3.5 Downstream Situation - The production of galvanized sheets is 2.4 million tons, a decrease of 60,000 tons; the sales volume of galvanized sheets is 2.38 million tons, a decrease of 30,000 tons [3] - The new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters; the housing completion area is 63.2042 million square meters, a decrease of 540.2771 million square meters [3] - The automobile production is 3.4115 million vehicles, a decrease of 107,500 vehicles; the air - conditioner production is 21.6289 million units, an increase of 6.6029 million units [3] 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 22.68%, down 0.28 percentage points; the implied volatility of at - the - money put options for zinc is 22.68%, down 0.27 percentage points [3] - The 20 - day historical volatility of at - the - money zinc options is 23.91%, an increase of 0.31 percentage points; the 60 - day historical volatility of at - the - money zinc options is 20.39%, down 0.17 percentage points [3] 3.7 Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain adequate liquidity [3] - The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones, increasing direct and inclusive policies for consumers [3] - There are tense geopolitical situations between the US, Israel, and Iran, including threats to the Strait of Hormuz and nuclear - related issues [3]