Core Insights - The London Metal Exchange (LME) reported a continued decline in zinc inventories, reaching a new eight-month low of 33,825 tons [1] - The Shanghai Futures Exchange (SHFE) also saw a decrease in zinc inventories, with a weekly reduction of 5.27% to 103,416 tons as of October 31 [1] - Generally, declining inventories in both domestic and international exchanges are expected to support zinc prices, while increasing inventories would have a bearish effect [1] Inventory Comparison - As of November 3, 2025, LME zinc inventory stood at 33,825 tons, down from 35,300 tons on October 31, 2025 [4] - The SHFE inventory was reported at 103,416 tons on October 31, 2025, showing a significant decrease from previous weeks [4] - The trend indicates a consistent decline in LME zinc inventory from 39,800 tons on October 3 to the current level, while SHFE inventory has also shown fluctuations but remains significantly higher [3][4]

伦敦金属交易所（LME）公布数据显示，上周伦锌库存呈区间波动格局，整体库存有所回落，最新库 存水平为115,500吨。 上期所公布的数据显示，7月25日当周，沪锌库存继续回升，周度库存增加8.77%至59,419吨，增至逾三 个月新高。 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来LME和上期所锌库存对比 以下为2025年7月以来LME和上期所锌库存数据：（单位：吨） ...