Report Information - Report Title: Zinc Industry Weekly Report - Date: August 15, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - No investment rating information is provided in the report. Core Viewpoints Bullish Factors - Low inventory levels in domestic and international futures exchanges and high concentration of warehouse receipts support zinc prices [3]. - Tightening supply of imported zinc ore restricts raw materials for smelters, causing disruptions on the supply side [3]. Bearish Factors - New zinc ingot production capacity is being released in China, leading to a continuous increase in supply and an oversupply situation in the fundamentals [3]. - Downstream consumption is in the traditional off - season, with a decline in terminal开工 and insufficient orders resulting in cautious procurement for essential needs [3]. Trading Advice - It is recommended to adopt a phased range - trading strategy for Shanghai zinc futures [3]. Summary by Directory Processing and Terminal Demand - The report presents data on the market sentiment index, inventory, production, and net exports of galvanized steel coils, as well as net imports of die - cast zinc alloys, net exports of color - coated sheets and zinc oxide, and indicators related to the real estate and infrastructure sectors [5][7][10][15] Supply and Supply - side Profits - Data on the monthly import volume of zinc concentrate, TC (treatment charges), monthly production of zinc ingots, production profit and processing fees of refined zinc enterprises, raw material inventory days, and inventory in exchanges are provided [18][20][21] Futures and Spot Market Review - Information on the price trends of domestic and international zinc, trading volume and open interest of Shanghai zinc futures, relationship between LME zinc price and the US dollar index, and basis trends are presented [27][28][29]

Market Review - The main contract for zinc futures, ZN2509, experienced weak fluctuations during the day and remained stable at night, while London zinc prices increased [1] Fundamental Summary - As of August 14, the London Metal Exchange (LME) reported zinc registered warrants at 45,425 tons and canceled warrants at 32,025 tons, a decrease of 1,000 tons; total zinc inventory stood at 77,450 tons, down by 1,025 tons [2] - Nexa Resources announced partial temporary production stoppages at its Cerro Pasco complex due to illegal blockades by a minority of the San Juan de Milpo community, affecting annual zinc production of 63,000 to 74,000 tons and lead production of 34,000 to 39,000 tons, with current production guidance unchanged [2] - The mainstream transaction price for Shanghai 0 zinc was concentrated between 22,475 to 22,570 yuan/ton, with a discount of 30-20 yuan/ton to the ZN2509 contract [2] Institutional Perspectives - Jinrui Futures noted that market expectations for supply reaching production capacity have been fully priced in, while downstream demand remains relatively strong; thus, zinc prices are expected to fluctuate in the short term, with a recommendation to remain cautious [3] - Guangzhou Futures highlighted that the US PPI data exceeded expectations, and many Federal Reserve officials opposed rate cuts in September, leading to a weaker dollar index and renewed pressure on non-ferrous metals; despite disturbances in overseas mining, the overall investment trend remains upward, while domestic mines are resuming production seasonally [3] - The report indicated that domestic zinc market conditions show strong supply but weak demand, with increasing inventories during the traditional off-season; LME canceled warrants remain relatively high, and overseas inventories continue to decrease; thus, zinc prices are expected to run weakly within a reference range of 22,000 to 23,000 yuan/ton [3]

Group 1: Investment Rating - There is no specific report industry investment rating provided in the report Group 2: Core View - Zinc prices opened high and then declined, with the operating center still at a relatively high level. Downstream buyers showed strong fear of high prices, leading to a further slight expansion of the discount and冷清 market transactions. The TC of domestic and imported zinc ores continued to rise, increasing smelting profits and maintaining smelting enthusiasm, with the expectation of increased supply remaining unchanged. Even during the peak consumption season, the expectation of inventory accumulation in China remains unchanged, and the current inventory accumulation is accelerating. If the expectation of the peak consumption season fails, zinc prices will face significant pressure and may show a relatively weak trend, but the impact of overseas inventories needs to be watched out for [4] Group 3: Summary by Category 1. Important Data - **Spot**: The LME zinc spot premium was -$4.76 per ton. The SMM Shanghai zinc spot price increased by 60 yuan/ton to 22,560 yuan/ton, with a spot premium of -55 yuan/ton; the SMM Guangdong zinc spot price increased by 60 yuan/ton to 22,540 yuan/ton, with a spot premium of -75 yuan/ton; the Tianjin zinc spot price increased by 60 yuan/ton to 22,550 yuan/ton, with a spot premium of -65 yuan/ton [1] - **Futures**: On August 13, 2025, the SHFE zinc main contract opened at 22,720 yuan/ton, closed at 22,600 yuan/ton, up 55 yuan/ton from the previous trading day. The trading volume was 78,345 lots, and the open interest was 85,986 lots. The highest intraday price reached 22,775 yuan/ton, and the lowest was 22,600 yuan/ton [2] - **Inventory**: As of August 13, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 119,200 tons, a change of 6,000 tons from the previous period. The LME zinc inventory was 78,475 tons, a change of -1,075 tons from the previous trading day [3] 2. Strategy - **Single - side trading**: Cautiously bearish - **Arbitrage**: Neutral [5]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - The report suggests that on the macro - front, China's July CPI was flat year - on - year and PPI's month - on - month decline narrowed. The competition order in industries such as coal and photovoltaic was optimized, reducing price drag. The US and Russia were reported to be seeking a cease - fire agreement in the Russia - Ukraine conflict, leading to a "flash crash" in crude oil. On the fundamental side, the import volume of zinc ore at home and abroad increased, the zinc ore processing fee continued to rise, and the sulfuric acid price increased significantly, which further repaired smelters' profits and increased their production enthusiasm. The new production capacity in various places was gradually released, and the previously overhauled capacity resumed production, accelerating the supply growth. At present, the import loss continued to expand, and the inflow of imported zinc decreased. On the demand side, the downstream entered the off - season, and the operating rate of processing enterprises decreased year - on - year. Although the downstream made purchases on dips recently, the overall trading remained dull, and the domestic social inventory continued to increase while the spot premium declined. The overseas LME inventory decreased significantly, and the strong LME zinc price drove up the domestic zinc price. Technically, the increase in positions and price indicated a strong long - position atmosphere, and attention should be paid to the resistance at the 23,000 level. It is recommended to wait and see for the time being [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai zinc futures contract was 22,590 yuan/ton, up 75 yuan; the price difference between the 09 - 10 contracts of Shanghai zinc was - 20 yuan/ton, down 15 yuan. The LME three - month zinc quote was 2,834 US dollars/ton, up 18.5 US dollars. The total position of Shanghai zinc was 213,578 lots, up 4,712 lots. The net position of the top 20 in Shanghai zinc was 9,079 lots, up 1,473 lots. The Shanghai zinc warehouse receipts were 15,494 tons, up 1,148 tons. The SHFE inventory was 65,917 tons (weekly), up 4,193 tons, and the LME inventory was 81,500 tons, down 3,450 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,530 yuan/ton, up 60 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 22,560 yuan/ton, up 220 yuan. The basis of the main ZN contract was - 60 yuan/ton, down 15 yuan. The LME zinc premium (0 - 3) was - 0.23 US dollars/ton, up 4.09 US dollars. The arrival price of 50% zinc concentrate in Kunming was 17,190 yuan/ton, up 40 yuan, and the price of 85% - 86% crushed zinc in Shanghai was 15,900 yuan/ton, unchanged [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance was - 124,700 tons (monthly), down 104,100 tons; the ILZSG zinc supply - demand balance was - 69,100 tons (monthly), up 10,400 tons. The global zinc ore production of ILZSG was 1.0075 million tons (monthly), down 4,300 tons. The domestic refined zinc production was 628,000 tons (monthly), up 45,000 tons. The zinc ore import volume was 455,900 tons (monthly), up 124,900 tons [3]. 3.4 Industry Situation - The refined zinc import volume was 35,156.02 tons (monthly), down 22,615.39 tons; the refined zinc export volume was 483.88 tons (monthly), up 266.83 tons. The zinc social inventory was 91,200 tons (weekly), up 3,900 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets was 2.32 million tons, down 130,000 tons; the monthly sales volume of galvanized sheets was 2.34 million tons, down 120,000 tons. The monthly new housing construction area was 303.6432 million square meters, up 71.8071 million square meters; the monthly housing completion area was 225.6661 million square meters, up 41.8147 million square meters. The monthly automobile production was 2.8086 million vehicles, up 166,600 vehicles, and the monthly air - conditioner production was 19.6788 million units, up 3.4764 million units [3]. 3.6 Option Market - The implied volatility of the at - the - money call option for zinc was 13.69% (daily), down 0.92 percentage points; the implied volatility of the at - the - money put option for zinc was 13.69% (daily), down 0.93 percentage points. The 20 - day historical volatility of the at - the - money zinc option was 7.69% (daily), down 1.32 percentage points, and the 60 - day historical volatility of the at - the - money zinc option was 13.27% (daily), down 0.07 percentage points [3]. 3.7 Industry News - In July, China's CPI was flat year - on - year, and the month - on - month decline of PPI narrowed. The US and Russia were reported to be seeking a cease - fire agreement in the Russia - Ukraine conflict, which would consolidate Russia's controlled territory in the conflict. Trump said he would meet Putin in Alaska on August 15. Zelensky firmly refused to make territorial concessions and stated that an agreement without Ukraine's participation would be an "invalid plan" [3].

Report Industry Investment Rating - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [6] Core View - The accumulation of zinc ingot inventories is accelerating. The zinc price is under significant pressure due to the supply pressure and the current consumption off - season. [1][5] Summary by Directory Important Data - **Spot**: LME zinc spot premium is -$9.79 per ton. SMM Shanghai zinc spot price is 22,510 yuan per ton, with a premium of -35 yuan per ton; SMM Guangdong zinc spot price is 22,470 yuan per ton, with a premium of -75 yuan per ton; Tianjin zinc spot price is 22,500 yuan per ton, with a premium of -45 yuan per ton [2]. - **Futures**: On August 7, 2025, the SHFE zinc main contract opened at 22,480 yuan per ton and closed at 22,580 yuan per ton, up 250 yuan per ton from the previous trading day. The trading volume was 131,099 lots, and the open interest was 96,819 lots. The highest price was 22,630 yuan per ton, and the lowest was 22,420 yuan per ton [3]. - **Inventory**: As of August 7, 2025, the total inventory of SMM seven - region zinc ingots was 113,200 tons, an increase of 5,900 tons from the previous period. As of the same date, LME zinc inventory was 84,950 tons, a decrease of 4,275 tons from the previous trading day [4]. Market Analysis - **Supply**: In July, China's zinc ingot production was 602,800 tons, a year - on - year increase of 23%. The expected production in August is 620,000 tons, with a year - on - year growth rate of 25%. The supply pressure is continuously increasing [5]. - **Cost**: There is no interference in the overseas mining end, and the domestic ore TC has increased by 100 yuan per ton, leading to higher smelting profits and continuous smelting enthusiasm [5]. - **Consumption**: The downstream operating rate shows relative resilience, and overall consumption is not bad. However, it cannot offset the high growth on the supply side. The inventory accumulation speed is accelerating, and the accumulation trend is expected to continue in the second half of the year [5]. Strategy - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [6]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The US non - farm payroll data for July 2025 released on the evening of August 1st was significantly weaker than expected. The seasonally - adjusted non - farm employment population in July was 73,000, the smallest increase since October last year, far lower than the market expectation of 110,000. The total number of new jobs in May and June was 258,000 less than previously reported, and the unemployment rate in July was 4.2%, which met market expectations but made Trump urge Powell to cut interest rates [5]. - Last week, the sentiment in the domestic commodity market significantly eased, and zinc prices gradually declined. The weekly processing fee continued to rise, and the supply of zinc ore was becoming looser, which was being transmitted to the smelting end. The pressure on the zinc fundamentals was gradually accumulating [5]. - In the long - term, the supply of zinc ore is shifting to a looser state cyclically. Several large zinc ore projects at home and abroad have production increase plans in 2025. The increase in global zinc ore production has led to a continuous strengthening of the spot TC of zinc ore. The increase in ore supply is transmitted to the smelting end. With the improvement of smelting profits, the operating rate of domestic smelters has increased, and the output of refined zinc has continued to expand. It is expected that the production increase situation in the ore and smelting sectors will continue [5]. - On the demand side, trade disputes may drag down the global economic growth rate, and there are concerns about a contraction in the total zinc demand. Even if countries quickly reach a new trade agreement and the global economic growth rate remains resilient, there is no expectation of an increase in the total zinc demand, and it will mainly remain at the existing level. Whether the demand is estimated optimistically or pessimistically, the zinc supply - demand balance tends to be in surplus, which will bring downward pressure on the long - term zinc price [5]. - In the short and medium term, the sentiment in the domestic commodity market has significantly declined, the anti - involution trading has ended, and the market has returned to the fundamental reality. The long - term surplus trend of zinc remains unchanged, and short positions can still be established on rallies [5]. Group 3: Summary of Each Section in the Report 1. Industry Fundamental - Supply Side - **Zinc Concentrate Production**: In May 2025, the global zinc concentrate production was 1.0193 million tons, a year - on - year increase of 2.49%. The international long - term contract TC price for zinc ore in 2025 was set at $80/ton, the lowest in history, and it was halved compared to the previous year. However, the long - term TC in 2024 was overestimated, and the trend of looser zinc ore supply on the margin remained unchanged [6]. - **Zinc Concentrate Imports and Processing Fees**: From January to June 2025, the cumulative import of zinc concentrate in China was 2.5353 million physical tons, a year - on - year increase of 48.14%. The increase in imports boosted the processing fee. As of August 1st, the processing fee for imported ore was reported at $78.8/ton, and the processing fee for domestic ore was reported at 3,900 yuan/ton. Both domestic and imported ore processing fees have been raised several times recently [9]. - **Smelter Profit Estimation**: With the continuous increase in processing fees, the profits of smelters have been continuously improved [12]. - **Refined Zinc Production**: In May 2025, the global refined zinc output was 1.1164 million tons, a year - on - year decrease of 4.18%. In July 2025, the domestic refined zinc production was 601,000 tons, a year - on - year increase of 23%. As profits rebounded, production was gradually increasing [16]. - **Refined Zinc Import Profit and Import Volume**: From January to June 2025, China's cumulative net import of refined zinc was 180,000 tons. The import window for refined zinc is currently closed [18]. 2. Industry Fundamental - Consumption Side - **Initial Consumption of Refined Zinc**: In June 2025, the domestic galvanized sheet production was 2.35 million tons, a year - on - year increase of 7.31%. The apparent consumption of galvanized products was relatively sluggish, indicating weak actual demand and active destocking of the implicit inventory in the industrial chain [23]. - **Terminal Consumption of Refined Zinc - Infrastructure and Real Estate**: From January to June 2025, the cumulative year - on - year growth rate of infrastructure investment (excluding electricity) decreased. The back - end of the real estate market improved month - on - month, but the front - end indicators such as new construction and construction were still weak [25]. - **Terminal Consumption of Refined Zinc - Automobiles and Home Appliances**: In June 2025, the domestic automobile production was 2.7941 million vehicles, a year - on - year increase of 11.43%. In some regions, the national subsidy funds were exhausted, and the production and sales of home appliances cooled down. Attention should be paid to the impact of subsequent tariffs [28]. 3. Other Indicators - **Inventory**: During the off - season, the social inventory of zinc continued to accumulate. With the continuous increase in the output of domestic smelters, the inventory accumulation trend will continue [30]. - **Spot Premium and Discount**: As of August 1st, the LME 0 - 3 premium and discount for zinc was reported at a discount of $10.96/ton. With the arrival of the off - season, the domestic spot premium declined [33]. - **Exchange Positions**: As of July 25th, the net long position of LME zinc investment funds was 30,194 lots. The weighted position of SHFE zinc has recently declined [35].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Macro: On July 27, local time, US President Trump announced that the US had reached a trade agreement with the EU, imposing a 15% tariff on EU goods exported to the US. The EU will increase investment in the US by $600 billion, purchase US military equipment, and buy US energy products worth $750 billion [5]. - Fundamental: Last week, zinc prices fluctuated and consolidated. The overall sentiment in the commodity market was volatile, and prices dropped significantly on Friday night, showing signs of a potential peak. The fundamentals of zinc have changed little recently, and anti - involution has limited impact on the zinc supply - demand pattern. It is advisable to consider short - selling opportunities at high prices. The supply of zinc ore is becoming more abundant cyclically, with several major zinc mine projects at home and abroad planning to increase production in 2025. The increase in global zinc ore production has led to a continuous strengthening of the spot TC for zinc ore. The increase in ore supply is being transmitted to the smelting end. With the improvement of smelting profits, domestic smelters have increased their operating rates, postponed maintenance, and the output of refined zinc has marginally recovered. It is expected that the production increase trend in the ore and smelting sectors will continue. On the demand side, trade disputes may drag down the global economic growth rate, and there are concerns about a contraction in the total zinc demand. Even if countries quickly reach new trade agreements and the global economic growth rate remains resilient, there is little expectation of an increase in total zinc demand, with demand expected to remain stable. Whether a more optimistic or pessimistic view is taken on demand, the zinc supply - demand balance tends to be in surplus, putting downward pressure on the long - term zinc price [5]. - Strategy: In the short - to medium - term, zinc prices have been fluctuating and consolidating after rising due to commodity market sentiment. Anti - involution has limited impact on the medium - to long - term fundamental pattern of zinc. The zinc market is expected to be in surplus this year. It is recommended to consider short - selling at high prices after the sentiment in the domestic commodity market stabilizes [5]. Group 3: Industry Fundamental - Supply Side 2.1 Zinc Concentrate Production - In May 2025, the global zinc concentrate production was 1.0193 million tons, a year - on - year increase of 2.49%. The international long - term contract TC price for zinc ore in 2025 was set at $80/ton, the lowest in history, and was halved compared to the previous year. High - cost overseas smelters may face operational pressure. However, the long - term contract TC in 2024 was severely overestimated, and the trend of a marginal increase in zinc ore supply remains unchanged [6]. 2.2 Zinc Concentrate Imports and Processing Fees - From January to June 2025, China's cumulative imports of zinc concentrate reached 2.5353 million physical tons, a year - on - year increase of 48.14%. The increase in imports has pushed up processing fees. As of July 25, according to SMM, the processing fee for imported ore was reported at $76.25/ton, and the processing fee for domestic ore was reported at 3,800 yuan/ton. Both domestic and imported ore processing fees have been raised several times recently [9]. 2.3 Smelter Profit Estimation - With the continuous increase in processing fees, smelter profits have been continuously improved [12]. 2.4 Refined Zinc Production - According to ILZSG, in May 2025, the global refined zinc output was 1.1164 million tons, a year - on - year decrease of 4.18%. In June 2025, China's refined zinc production was 580,000 tons, a year - on - year increase of 6.8%. As profits recover, production is gradually increasing [16]. 2.5 Refined Zinc Import Profit and Import Volume - From January to June 2025, China's cumulative net imports of refined zinc were 180,000 tons. The import window for refined zinc is currently closed [18]. Group 4: Industry Fundamental - Consumption Side 3.1 Refined Zinc Initial - Stage Consumption - In May 2025, China's galvanized sheet production was 2.34 million tons, a year - on - year increase of 2.63%. The apparent consumption of galvanized products was relatively sluggish, indicating weak actual demand and active destocking of hidden inventories in the industrial chain [23]. 3.2 Refined Zinc Terminal Consumption - From January to June 2025, the cumulative year - on - year growth rate of infrastructure investment completion (excluding electricity) declined. The back - end of the real estate market improved month - on - month, but front - end indicators such as new construction starts and construction were still weak [25]. 3.3 Refined Zinc Terminal Consumption - In June 2025, China's automobile production was 2.7941 million vehicles, a year - on - year increase of 11.43%. In some regions, national subsidy funds were exhausted, and the production and sales of household appliances cooled down. Attention should be paid to the impact of subsequent tariffs [28]. Group 5: Other Indicators 4.1 Inventory - During the off - season, social inventories of zinc have been continuously increasing [30]. 4.2 Spot Premium/Discount - As of July 25, the LME 0 - 3 premium/discount for zinc was reported at a discount of $1.96/ton. With the arrival of the off - season, the domestic spot premium has declined [33]. 4.3 Exchange Positions - As of July 18, the net long position of LME zinc investment funds was 21,052 lots. The weighted open interest of SHFE zinc has recently declined [36].

Group 1: Zinc Market Overview - Zinc prices have entered a downward trend due to a relaxed supply side and disappointing demand expectations in the U.S. macroeconomic environment [1] - The U.S. tariff policy adjustments under the Trump administration are expected to lead to a long-term decline in the dollar, which will positively impact zinc prices [2] - Domestic zinc concentrate production has slightly decreased year-on-year due to declining ore grades, with future increases expected to be limited [3] Group 2: Supply Dynamics - Overseas mining production is anticipated to recover in the medium to long term, despite recent reductions due to weather and maintenance issues [2] - Domestic zinc smelting output is expected to increase year-on-year, but the growth potential remains limited due to reduced imports from overseas smelters [3] - The overall supply of zinc ore is expected to continue growing, but the year-on-year increase will be relatively modest [2][3] Group 3: Demand Factors - Weak demand is observed in the construction sector, with significant declines in operating rates for cement and asphalt facilities [4] - The real estate sector is experiencing a downturn, with new construction and completion areas showing a year-on-year decline [4] - The automotive sector is seeing growth driven by trade-in policies and promotions, which may support zinc demand in the medium to long term [4] Group 4: Price Outlook - The combination of a declining dollar and resilient macro data is expected to provide some support for zinc prices [5] - However, the ongoing increase in supply coupled with weak demand will lead to a more relaxed supply-demand structure, potentially putting downward pressure on prices [5] - The expected price range for zinc may shift downward, but the space for decline is expected to be narrower than before due to limited supply growth and macroeconomic support [5]

Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bearish [5] - Arbitrage: Neutral [5] 2. Core View of the Report - The downstream procurement enthusiasm in the spot market has weakened, and the spot premium has generally declined steadily. The supply pressure in August remains high, and the social inventory shows a trend of accumulation. Due to the current consumption off - season and supply pressure, zinc prices face significant pressure [4]. 3. Summary by Related Catalogs Spot Market - LME zinc spot premium is -$3.92 per ton. SMM Shanghai zinc spot price is 22,680 yuan per ton, with a premium of - 10 yuan per ton; SMM Guangdong zinc spot price is 22,660 yuan per ton, with a premium of - 80 yuan per ton; Tianjin zinc spot price is 22,640 yuan per ton, with a premium of - 50 yuan per ton [1]. Futures Market - On July 30, 2025, the SHFE zinc main contract opened at 22,640 yuan per ton, closed at 22,670 yuan per ton, up 10 yuan per ton from the previous trading day. The trading volume was 141,408 lots, and the open interest was 116,245 lots. The highest price was 22,770 yuan per ton, and the lowest was 22,610 yuan per ton [2]. Inventory - As of July 30, 2025, the total inventory of SMM seven - region zinc ingots was 103,700 tons, a change of 5,500 tons from the previous period. The LME zinc inventory was 109,050 tons, a change of - 3,100 tons from the previous trading day [3]. Market Analysis - Downstream procurement enthusiasm in the spot market has weakened, and traders have a mentality of supporting prices. The domestic ore new - month tender price has not been finalized, and the imported ore TC is still rising, with the highest offer reaching $85 per ton. The smelting profit is increasing, and the supply pressure in August remains high. The downstream operating rate shows relative resilience, but the social inventory is accumulating, and the zinc price is under pressure [4].

Price Overview - The mainstream transaction price for 0 zinc is concentrated between 22,650 to 22,785 CNY/ton, with specific transactions for Shuangyan at 22,730 to 22,855 CNY/ton, and 1 zinc at 22,580 to 22,715 CNY/ton [1] - On July 30, the price list for 0 zinc ingots shows various market prices, with the highest at 22,850 CNY/ton in Zhejiang and the lowest at 22,520 CNY/ton in Guangdong [2] Futures Market - The closing price for the main contract of zinc futures on July 30 is reported at 22,670 CNY/ton, with a slight increase of 0.04%, reaching a high of 22,770 CNY/ton and a low of 22,610 CNY/ton during the day, with a trading volume of 141,408 lots [2] Production and Inventory Insights - Grupo Mexico reported a zinc concentrate production of 45,900 tons in Q2 2025, marking a 56% year-on-year increase, attributed to improved operations at the Buenavista zinc mine [3] - As of July 30, the London Metal Exchange (LME) reported zinc registered warrants at 57,600 tons and canceled warrants at 51,450 tons, with a decrease of 3,100 tons; total zinc inventory stands at 109,050 tons, also down by 3,100 tons [3] Market Analysis - According to a report from Copper Crown Jinyuan Futures, the ongoing US-China trade tensions are expected to extend the 24% tariffs and countermeasures for another 90 days, with no significant breakthroughs in negotiations. The market is awaiting the Federal Reserve's interest rate decision and important domestic meetings [4] - Despite heavy rainfall in the northern regions not affecting galvanizing plant production, weak downstream demand and insufficient purchasing strength at high zinc prices are leading to a slight increase in spot prices, with expectations of inventory accumulation [4] - The short-term zinc price trend is anchored by macroeconomic factors, with expectations of narrow fluctuations in the near term [4]