Group 1 - The London Metal Exchange (LME) reported an increase in tin inventory last week, with the latest inventory level at 1,875 tons [1] - The Shanghai Futures Exchange indicated that tin inventory rose by 3.42% to 7,671 tons for the week ending August 1, marking a two-month high [1] - Generally, a decline in inventory levels at domestic and international exchanges supports price levels, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and Shanghai Futures Exchange tin inventory since July 2025 shows fluctuations in inventory levels, with LME inventory decreasing from 1,950 tons on August 1 to 1,875 tons by August 5 [4][5] - The Shanghai Futures Exchange inventory increased from 7,417 tons on July 25 to 7,671 tons on August 1, indicating a significant rise in domestic inventory [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term outlook for Shanghai Zinc ZN2507 is to fluctuate and consolidate. The previous trading day saw a volatile rebound in Shanghai Zinc, with the price closing above the 20 - day moving average, and the support of the moving average strengthened. The short - term indicator KDJ rose and operated in the weak zone. The trend indicator declined, with the long - position strength rising and the short - position strength falling, and the long - short forces were in a stalemate. [2][20] 3. Summary by Relevant Catalogs 3.1 Fundamental Analysis - In March 2025, global zinc plate production was 1.0874 million tons, consumption was 1.1335 million tons, with a supply shortage of 46,000 tons. From January to March, production was 3.2831 million tons, consumption was 3.3848 million tons, with a supply shortage of 101,600 tons. In March, global zinc ore production was 1.0078 million tons, and from January to March, it was 2.9611 million tons, which is bullish. [2] - The basis is +355 (spot price is 22,740), which is bullish. [2] - On June 6, LME zinc inventory decreased by 175 tons to 136,975 tons, and SHFE zinc inventory warrants remained unchanged at 2,004 tons, which is bearish. [2] - The previous trading day, Shanghai Zinc showed a volatile rebound, closing above the 20 - day moving average with the 20 - day moving average rising, which is bullish. [2] - The main position is net short, and the short position decreased, which is bearish. [2] 3.2 Futures Market Quotes - On June 6, for the zinc futures contracts, different delivery months had different price movements. For example, the contract 2507 opened at 22,380, with a high of 22,450, a low of 22,255, and closed at 22,340, down 40 from the previous day. [3] 3.3 Spot Market Quotes - On June 6, in the domestic main spot market, the price of zinc concentrate in Lin was 17,530 yuan/ton, down 190 yuan/ton; the price of zinc ingot was 22,740 yuan/ton, down 240 yuan/ton; the price of galvanized sheet was 3,936 yuan/ton, up 6 yuan/ton; the price of galvanized pipe was 4,303 yuan/ton, up 2 yuan/ton; the price of zinc alloy in Ningbo was 23,210 yuan/ton, down 190 yuan/ton; the price of zinc powder in Changsha was 27,700 yuan/ton, down 200 yuan/ton; the price of zinc oxide in Taizhou was 21,050 yuan/ton, down 100 yuan/ton; and the price of secondary zinc oxide in Lin remained unchanged at 7,880 yuan/ton. [4] 3.4 Inventory Statistics - From May 12 to June 5, 2025, the total social inventory of zinc ingots in major Chinese markets changed. Compared with the same period last week, the total inventory decreased by 0.09 million tons, and compared with last Thursday, it decreased by 0.17 million tons. [5] - On June 6, the total SHFE zinc warrants remained unchanged at 2,004 tons, with 1,027 tons in Tianjin, 977 tons in Guangdong, and 0 tons in other regions. [6] - On June 6, LME zinc inventory decreased by 175 tons to 136,975 tons, with registered warrants of 75,100 tons, cancelled warrants of 61,875 tons, and the cancellation ratio was 45.17%. [8] 3.5 Price Summaries - On June 6, the price of 50% - grade zinc concentrate in most regions was 17,530 yuan/ton, with varying price drops in different regions, such as - 190 yuan/ton in some areas and - 290 yuan/ton in others. [9] - On June 6, the price of 0 zinc ingot from different manufacturers, such as Hunan Zhuzhou Smelting, Liaoning Huludao Zinc Industry, etc., all decreased by 190 yuan/ton. [13] 3.6 Production Statistics - In April 2025, the planned production of refined zinc was 454,800 tons, and the actual production was 450,400 tons, with a month - on - month increase of 2.18%, a year - on - year decrease of 0.20%, and a 0.97% shortfall compared to the plan. The capacity utilization rate was 83.15%, and the planned production for May was 444,100 tons. [15] 3.7 Processing Fee Quotes - On June 6, the average processing fee for 50% - grade zinc concentrate in different domestic regions ranged from 3,300 to 3,700 yuan/metal ton, and the average processing fee for 48% - grade imported zinc concentrate was 40 US dollars/kiloton. [17] 3.8 Member Trading and Position Ranking - For the zinc contract zn2507 on June 6, in terms of trading volume, the top three were CITIC Futures (47,439 lots, an increase of 8,553 lots), Guotai Junan (45,730 lots, an increase of 1,424 lots), and Dongzheng Futures (29,114 lots, an increase of 4,766 lots). In terms of long positions, the top three were CITIC Futures (11,132 lots, a decrease of 1,065 lots), Guotai Junan (10,354 lots, a decrease of 1,455 lots), and Huatai Futures (5,184 lots, an increase of 1,140 lots). In terms of short positions, the top three were CITIC Futures (12,928 lots, an increase of 660 lots), Guotai Junan (8,432 lots, a decrease of 667 lots), and Yong'an Futures (5,211 lots, a decrease of 708 lots). [18]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View No clear core view is presented in the given content. The report mainly provides a comprehensive set of data on asphalt - related market indicators, including prices, volumes, spreads, and profits. 3. Summary by Categories Futures Contracts - BU主力合约 price on 5/22 was 3539, with a daily change of 20 and a weekly change of 18 [4]. - BU06 price on 5/22 was 3555, with a daily change of 15 and a weekly change of 31 [4]. - BU09 price on 5/22 was 3481, with a daily change of 6 and a weekly change of 34 [4]. - BU12 price on 5/22 was 3301, with a daily change of 11 and a weekly change of 34 [4]. - BU03 price on 5/22 was 3250, with a daily change of T and a weekly change of - 6 [4]. - Futures trading volume on 5/22 was 381836, with a daily change of 42169 and a weekly change of 93530 [4]. - Futures open interest on 5/22 was 419968, with a daily change of 18789 and a weekly change of 53795 [4]. Spot Market - Shandong market low - end price remained at 3450 on 5/22, with no daily or weekly change [4]. - East China market low - end price was 3520 on 5/22, with no daily change and a weekly change of 20 [4]. - South China market low - end price remained at 3380 on 5/22, with no daily or weekly change [4]. - North China market low - end price was 3570 on 5/22, with no daily change and a weekly change of 20 [4]. - Northeast market low - end price remained at 3700 on 5/22, with no daily or weekly change [4]. Basis and Calendar Spreads - Shandong basis on 5/22 was - 89, with a daily change of - 20 and a weekly change of - 18 [4]. - East China basis on 5/22 was - 19, with a daily change of - 20 and a weekly change of 2 [4]. - South China basis on 5/22 was - 159, with a daily change of - 20 and a weekly change of - 18 [4]. - 03 - 06 spread on 5/22 was - 302, with a daily change of - 14 and a weekly change of - 37 [4]. - 06 - 09 spread on 5/22 was 71, with a daily change of 9 and a weekly change of - 3 [4]. - 09 - 12 spread on 5/22 was 180, with a daily change of - 5 and no weekly change [4]. - 12 - 03 spread on 5/22 was 51, with a daily change of 10 and a weekly change of 40 [4]. Crack Spreads and Profits - Asphalt Brent crack spread on 5/22 was 37, with a daily change of ટર and a weekly change of - 20 [4]. - Ordinary refinery comprehensive profit on 5/22 was 457, with a daily change of 26 and a weekly change of - 2 [4]. - Ma Rui - type refinery comprehensive profit on 5/22 was 81, with a daily change of 24 and a weekly change of - 3 [4]. - Import profit (South Korea - East China) on 5/22 was - 108, with no daily change and a weekly change of 18 [4]. - Import profit (Singapore - South China) on 5/22 was - 1015, with no daily or weekly change [4]. Related Prices - Brent crude oil price on 5/22 was 64.9, with a daily change of - 0.5 and a weekly change of 0.4 [4]. - Gasoline Shandong market price on 5/22 was 7415, with a daily change of 10 and a weekly change of - 49 [4]. - Diesel Shandong market price on 5/22 was 6431, with a daily change of 12 and a weekly change of 8 [4]. - Residue oil Shandong market price on 5/22 was 3795, with no daily change and a weekly change of - 5 [4].