1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For stock index futures, consider buying on dips and adopting a range - trading strategy. The A - share market is oscillating upwards, but there is insufficient trading volume after the August rally, so it should be treated with a range - trading mindset [16]. - For treasury bond futures, use a range - trading approach and focus on the odds of short - term bonds. The bond market is likely to be range - bound, with a slightly optimistic outlook based on odds and future fundamentals. Consider reducing positions before the holiday [17][18]. - For the black sector, policies are expected to have a neutral impact on the market. The market may experience a "no - peak season" situation. In the short term, it may adjust, and in the medium term, it will maintain a range - bound trend [18][19]. - For coal and coke, prices may continue to oscillate weakly in the short term, and the demand for finished products during the "Golden September and Silver October" period should be monitored [21]. - For ferroalloys, in the long - term, maintain a short - selling approach on rallies. Hold short positions with high - cost entry over the holiday [22]. - For soda ash and glass, adopt a short - selling approach on rallies for soda ash and a wait - and - see approach for glass [23]. - For aluminum and alumina, it is recommended to wait and see for aluminum. For alumina, short - sell on rallies, while being aware of policy changes in Guinea's ore supply [25]. - For zinc, zinc prices will oscillate weakly after the macro - impact fades, and are expected to have a narrow - range oscillation in the short term due to holidays [26]. - For lithium carbonate, it will operate in a wide - range oscillation without obvious drivers [27]. - For industrial silicon, it oscillates within a range, and it is advisable to buy on dips for far - month contracts at the lower end of the range [28]. - For polysilicon, it will maintain a wide - range oscillation, and cautious operation is recommended [30]. - For cotton, adopt a short - selling approach on rallies and wait and see during the National Day holiday [32]. - For sugar, maintain a short - selling approach in the medium - term and wait and see in the short term [34]. - For eggs, short - sell on dips for near - month contracts and consider a short - near and long - far arbitrage strategy [36]. - For apples, buy on dips with a light position [38]. - For corn, remain on the sidelines for single - side trading and sell out - of - the - money call options for the 01 contract [38]. - For red dates, it is recommended to wait and see [40]. - For hogs, short - sell on rallies for near - month contracts and control positions [41]. - For crude oil, it is likely to shift to a supply - exceeding - demand situation, and consider short - selling on rallies [42]. - For fuel oil, its price will follow the movement of oil prices [43]. - For plastics, it will oscillate weakly in the long - term, with short - term rebounds due to sentiment [45]. - For rubber, be cautious when holding positions as pre - holiday volatility may increase [47]. - For methanol, adopt a range - trading approach with a slightly bullish bias [48]. - For caustic soda, the futures are expected to oscillate [49]. - For asphalt, it will follow the movement of oil prices [50]. - For offset printing paper, it is expected to oscillate, and it is advisable to buy on dips or sell put options near the factory's production cost line [52]. - For the polyester industry chain, it is expected to operate weakly [54]. - For liquefied petroleum gas (LPG), maintain a bearish view in the long - term [55]. - For pulp, the downside space of the futures is limited. Consider buying on dips after the holiday if the spot price stabilizes [56]. - For logs, the market is expected to oscillate. Consider buying on dips if price support is confirmed and downstream orders are good during the peak season [57]. - For urea, use a range - trading approach due to pre - holiday risk - aversion sentiment [58]. - For synthetic rubber, the main contract oscillates weakly, and it is advisable to wait and see [59]. 3. Summary by Relevant Catalogs 3.1 Macro News - The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee from October 20th to 23rd to discuss the 15th Five - Year Plan [12]. - The National Development and Reform Commission introduced that new policy - based financial instruments worth 500 billion yuan will be used to supplement project capital [12]. - The US Department of Commerce issued export control rules, and China's Ministry of Commerce firmly opposes this and will safeguard the legitimate rights and interests of Chinese enterprises [12]. - Six departments issued a plan to stabilize the growth of the machinery industry, aiming for an average annual revenue growth of about 3.5% from 2025 to 2026, with revenue exceeding 10 trillion yuan [12]. - The China Household Electrical Appliances Association issued an initiative against unfair competition [12]. - Deepseek released the DeepSeek - V3.2 - Exp model and open - sourced it, while also significantly reducing the official API price by over 50% [13]. - US President Trump and Israeli Prime Minister Netanyahu reached a 20 - point plan to end the Gaza war, pending the approval of Hamas [13]. - Trump threatened to impose a 100% tariff on movies made outside the US and large - scale tariffs on furniture - producing countries [13]. - The value of the US Treasury's 261.5 million ounces of gold reserves has exceeded $1 trillion, and re - evaluating at market prices could release about $990 billion in funds [13]. - Fed officials have different views on interest rate cuts. Some are against it due to concerns about inflation remaining above the target until 2028, while others are open to potential rate cuts but with caution [14]. - In August, China issued local government bonds worth 980.1 billion yuan, and from January to August, the total issuance was 7.6838 trillion yuan [14]. 3.2 Stock Index Futures - The A - share market is oscillating upwards, with brokerage stocks surging in the afternoon. The Shanghai Composite Index rose 0.9%, the Shenzhen Component Index rose 2.05%, and the ChiNext Index rose 2.74%. The daily trading volume was 2.18 trillion yuan. The market should be treated with a range - trading mindset due to insufficient trading volume after the August rally [16]. 3.3 Treasury Bond Futures - The bond market is weak due to the market's digestion of the central bank's monetary policy meeting and the strong stock market. The bond market is expected to oscillate, and positions can be reduced before the holiday [17][18]. 3.4 Black Sector - Policy impact is expected to be neutral. The market may experience a "no - peak season" situation due to limited real demand improvement, high inventory in some varieties, and profit - taking from basis trading. In the short term, it may adjust, and in the medium term, it will range - bound [18][19]. 3.5 Coal and Coke - Prices may continue to oscillate weakly in the short term. Supply is gradually recovering, but "anti - involution" and environmental protection policies may affect the market. The focus will return to supply - demand fundamentals after the Fed's interest rate cut event [21]. 3.6 Ferroalloys - In the long - term, maintain a short - selling approach on rallies. Hold short positions with high - cost entry over the holiday [22]. 3.7 Soda Ash and Glass - For soda ash, short - sell on rallies. Supply is at a historical high, and there may be inventory accumulation pressure after the pre - holiday restocking. For glass, wait and see. The spot market is stable, and attention should be paid to fuel - upgrade and demand improvement [23]. 3.8 Aluminum and Alumina - For aluminum, wait and see due to weak demand and poor inventory performance in September. For alumina, short - sell on rallies as there is high supply and increasing inventory pressure [25]. 3.9 Zinc - Zinc prices will oscillate weakly after the macro - impact fades. In the short term, they are expected to have a narrow - range oscillation due to holidays [26]. 3.10 Lithium Carbonate - It will operate in a wide - range oscillation without obvious drivers, with short - term price support from inventory reduction [27]. 3.11 Industrial Silicon - It oscillates within a range, and it is advisable to buy on dips for far - month contracts at the lower end of the range. The复产 progress of Xinjiang's leading manufacturers is the core supply - demand contradiction [28]. 3.12 Polysilicon - It will maintain a wide - range oscillation, and cautious operation is recommended. Policy progress dominates the market, and there is a contradiction between strong policy expectations and fundamental oversupply [30]. 3.13 Cotton - Adopt a short - selling approach on rallies and wait and see during the National Day holiday. Supply pressure is increasing, and demand is weak. Pay attention to the impact of the crude oil market and international trade tariffs [32]. 3.14 Sugar - Maintain a short - selling approach in the medium - term and wait and see in the short term. The global sugar market is facing oversupply pressure, and domestic supply is expected to increase [34][35]. 3.15 Eggs - Egg prices are under pressure due to high inventory and the post - festival off - season. Short - sell on dips for near - month contracts and consider a short - near and long - far arbitrage strategy [36]. 3.16 Apples - Lightly buy on dips. The new - season apples have a strong expectation of high opening prices. Pay attention to weather conditions in the producing areas [38]. 3.17 Corn - Remain on the sidelines for single - side trading and sell out - of - the - money call options for the 01 contract. The spot price is weak due to increasing supply, but there is some support from the expected supply gap in 2025/26 [38][39]. 3.18 Red Dates - It is recommended to wait and see. The new - season production is controversial, and the market price is stable [40]. 3.19 Hogs - The supply - demand situation is supply - strong and demand - weak. Short - sell on rallies for near - month contracts and control positions [41]. 3.20 Crude Oil - It is likely to shift to a supply - exceeding - demand situation. Consider short - selling on rallies. Pay attention to the progress of US - Russia negotiations and OPEC+ quota adjustments [42]. 3.21 Fuel Oil - Its price will follow the movement of oil prices, and there is high uncertainty in the external market during the holiday [43]. 3.22 Plastics - It will oscillate weakly in the long - term, with short - term rebounds due to sentiment. Supply pressure is high, and demand is relatively weak [45]. 3.23 Rubber - Be cautious when holding positions as pre - holiday volatility may increase. Supply is increasing, and attention should be paid to profit repair and post - holiday weather conditions [47]. 3.24 Methanol - Adopt a range - trading approach with a slightly bullish bias. Port inventory pressure is large but the inventory accumulation rate has slowed down [48]. 3.25 Caustic Soda - The futures are expected to oscillate due to pre - holiday risk - aversion sentiment and weak fundamentals [49]. 3.26 Asphalt - It will follow the movement of oil prices. It has entered the seasonal demand peak season, with inventory decreasing [50][51]. 3.27 Offset Printing Paper - It is expected to oscillate. Consider buying on dips or selling put options near the factory's production cost line [52]. 3.28 Polyester Industry Chain - It is expected to operate weakly due to weakening cost support from falling international oil prices and limited demand during the peak season [54]. 3.29 Liquefied Petroleum Gas (LPG) - Maintain a bearish view in the long - term. Supply is abundant, and demand is unlikely to exceed expectations [55]. 3.30 Pulp - The downside space of the futures is limited. Consider buying on dips after the holiday if the spot price stabilizes. Domestic supply will support the far - month contracts, but the spot market is still weak [56]. 3.31 Logs - The market is expected to oscillate. Consider buying on dips if price support is confirmed and downstream orders are good during the peak season [57]. 3.32 Urea - Use a range - trading approach due to pre - holiday risk - aversion sentiment. The spot market price is stable, and the futures market is oscillating [58]. 3.33 Synthetic Rubber - The main contract oscillates weakly, and it is advisable to wait and see. Downstream procurement has slowed down before the holiday [59][60].

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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]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The previous trading day saw Shanghai Zinc experiencing a volatile downward trend, closing with a negative candlestick, accompanied by shrinking trading volume. In terms of positions, long - positions decreased while short - positions increased, indicating a bearish trend. Technically, the price closed below the 20 - day moving average, weakening the support of the moving average. Short - term indicators suggest a weakening trend, while trend indicators show that the long - side strength is gradually gaining the upper hand. It is predicted that Shanghai Zinc ZN2507 will oscillate weakly [2][21]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In March 2025, global zinc plate production was 1.0874 million tons, consumption was 1.1335 million tons, resulting in a supply shortage of 46,000 tons. From January to March, global zinc plate 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 [2]. 3.2 Basis - The spot price of zinc was 22,910 yuan/ton, with a basis of +700 yuan/ton [2]. 3.3 Inventory - On May 28, LME zinc inventory decreased by 7,700 tons to 143,450 tons compared to the previous day, and the SHFE zinc inventory warrants remained unchanged at 1,774 tons [2]. 3.4 Futures Exchange Zinc Futures Quotes (May 28) - The total trading volume was 249,396 lots, with a total trading value of 2.78421384 billion yuan, and the total open interest was 229,140 lots, an increase of 4,544 lots [3]. 3.5 Domestic Main Spot Market Quotes (May 28) - Zinc concentrate price was 17,670 yuan/ton, up 70 yuan/ton; zinc ingot in Shanghai was 22,910 yuan/ton, up 80 yuan/ton; galvanized sheet in China was 3,954 yuan/ton, down 7 yuan/ton; galvanized pipe in China was 4,337 yuan/ton, down 18 yuan/ton; zinc alloy in Ningbo was 23,380 yuan/ton, up 100 yuan/ton; zinc powder in Changsha was 27,770 yuan/ton, up 80 yuan/ton; zinc oxide in Taizhou was 21,050 yuan/ton, unchanged; and secondary zinc oxide in Linzhou was 7,831 yuan/ton, unchanged [4]. 3.6 National Main Market Zinc Ingot Inventory Statistics (April 30 - May 26, 2025) - Compared with last Thursday, the total inventory decreased by 31,000 tons; compared with last Monday, it decreased by 72,000 tons [5]. 3.7 Futures Exchange Zinc Warrant Report (May 28) - The total zinc warrants were 1,774 tons, with no change [6]. 3.8 LME Zinc Inventory Distribution and Statistics (May 28) - The total inventory was 143,450 tons, a decrease of 7,700 tons compared to the previous day [8]. 3.9 National Main City Zinc Concentrate Price Summary (May 28) - No detailed price information provided in the report. 3.10 National Market Zinc Ingot Smelter Price Quotes (May 28) - The prices of 0 zinc ingots from different manufacturers all increased by 100 yuan/ton [13]. 3.11 Domestic Refined Zinc Production in April 2025 - The planned production in April was 454,800 tons, 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 in May was 444,100 tons [15]. 3.12 Zinc Concentrate Processing Fee Quotes (May 28) - Processing fees varied by region, with domestic regions mainly in the range of 3,200 - 3,800 yuan/metal ton, and the import processing fee for 48% grade was 30 - 50 dollars/kiloton [17]. 3.13 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table (May 28) - For the zn2507 contract, the total trading volume was 240,403 lots, a decrease of 225,028 lots compared to the previous day; the total long - position was 78,709 lots, a decrease of 410 lots; and the total short - position was 79,987 lots, an increase of 5,481 lots [19].