Group 1: Report Core View - Zinc has short - term support [1] Group 2: Market Data Summary Futures Prices - The closing price of the main SHFE zinc contract was 22,710 yuan/ton, up 1.72% from the previous day; the closing price of the LME zinc 3M electronic disk was 2,720.5 dollars/ton, up 1.93% [1] Trading Volumes - The trading volume of the main SHFE zinc contract was 219,108 lots, an increase of 48,548 lots; the LME zinc trading volume was 5,814 lots, a decrease of 210 lots [1] Open Interests - The open interest of the main SHFE zinc contract was 104,941 lots, a decrease of 7,094 lots; the LME zinc open interest was 223,075 lots, an increase of 3,036 lots [1] Premiums and Discounts - Shanghai 0 zinc premium was 245 yuan/ton, down 85 yuan/ton; LME CASH - 3M premium was - 27.34 dollars/ton, up 0.03 dollars/ton [1] Inventory - SHFE zinc futures inventory was 1,600 tons, unchanged; LME zinc inventory was 167,050 tons, a decrease of 900 tons [1] Other Prices - The price of 1.0mm hot - dipped galvanized coil including tax was 4,230 yuan/ton, up 10 yuan/ton; the price of zinc oxide ≥99.7% was 21,800 yuan/ton, up 200 yuan/ton [1] Group 3: News - China's social financing increment in April was 1.16 trillion yuan, new RMB loans were 280 billion yuan, the M2 - M1 gap widened, and RMB deposits increased by 12.55 trillion yuan in the first four months [2] Group 4: Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [2]

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral [4] - Arbitrage: Neutral [4] 2. Core View - Market sentiment remains positive, but the spot market is significantly impacted by imported zinc ingots. The downstream prefers low - priced imported goods, leading to a further decline in spot premiums. The fundamental data shows a weakening trend, with TC still rising and supply pressure remaining high. The opening of the zinc ingot import window increases domestic supply pressure, and the previously low inventory that supported zinc prices shows signs of accumulation. If a trend of inventory accumulation forms, the downside space for zinc prices may open. In the spot market, due to increased inventory and a shift to a more relaxed supply, the high spot premiums have significantly declined. Consumption in May may face challenges, and there is a possibility of a month - on - month weakening after May [3]. 3. Summary of Related Data a. Spot and Futures Data - Spot: LME zinc spot premium is - 27.37 dollars/ton. SMM Shanghai zinc spot price dropped 70 yuan/ton to 22650 yuan/ton, and the spot premium dropped 100 yuan/ton to 330 yuan/ton. SMM Guangdong zinc spot price dropped 90 yuan/ton to 22630 yuan/ton, and the spot premium dropped 120 yuan/ton to 310 yuan/ton. SMM Tianjin zinc spot price dropped 70 yuan/ton to 22620 yuan/ton, and the spot premium dropped 100 yuan/ton to 300 yuan/ton [1]. - Futures: On 2025 - 05 - 13, the SHFE zinc main contract opened at 22530 yuan/ton and closed at 22325 yuan/ton, unchanged from the previous trading day. The trading volume was 170560 lots, a decrease of 59350 lots from the previous day, and the position was 112035 lots, a decrease of 5995 lots. The intraday price fluctuated between 22135 yuan/ton and 22655 yuan/ton [1]. b. Inventory Data - As of 2025 - 05 - 12, the total SMM seven - region zinc ingot inventory was 8.55 million tons, an increase of 0.14 million tons from the same period last week. As of 2025 - 05 - 13, the LME zinc inventory was 167950 tons, a decrease of 1900 tons from the previous trading day [2].