Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 18, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - No investment rating information is provided in the report. Core View - Due to the lack of key economic data during the US government shutdown, Fed officials' remarks dominated market expectations. A dovish voting member turning hawkish dampened the expectation of a December interest rate cut, leading to a collective correction in base metals. The domestic lead, tin, and aluminum led the decline in non - ferrous metals, with a decline of over 1%. Shanghai zinc basically gave back the weekly gains last Friday, opened lower and fluctuated on Monday, with the main contract closing at 22,465 yuan/ton, down 75 yuan or 0.33%. The LME inventory increased by 1,175 tons on the 17th. The supply of domestic zinc concentrate is tight, and the smelting processing fees continue to decline. Although the TC decline squeezes smelting profits, the sulfuric acid price is still rising steadily. SMM estimates that the refined zinc output in November may decline slightly month - on - month. Overall, the market sentiment is cautious as a series of data will be released after the US government resumes operation. LME zinc maintains high - level volatility. Against the background of the realization of increased domestic exports, the supply - demand pattern has improved marginally, and the focus of the fundamentals has shifted to the support of the tight - mine logic on zinc prices. In the short term, it is expected to fluctuate in the range of 22,300 - 22,800 yuan [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc, the 2511 contract opened at 22,435 yuan/ton, closed at 22,455 yuan/ton, with a high of 22,475 yuan/ton, a low of 22,385 yuan/ton, down 30 yuan or 0.13%, and the open interest decreased by 65 to 5,520. The 2512 contract opened at 22,460 yuan/ton, closed at 22,465 yuan/ton, with a high of 22,495 yuan/ton, a low of 22,385 yuan/ton, down 75 yuan or 0.33%, and the open interest decreased by 8,703 to 91,450. The 2601 contract opened at 22,475 yuan/ton, closed at 22,490 yuan/ton, with a high of 22,530 yuan/ton, a low of 22,420 yuan/ton, down 75 yuan or 0.33%, and the open interest decreased by 1,842 to 78,331 [7]. - **Inventory and Market Factors**: On the 17th, LME zinc inventory increased by 1,175 tons, with an increase of 800 tons in Hong Kong, 500 tons in Kaohsiung, and a decrease of 12 tons in Singapore. The Cash - 3M spread was 175.85B. The supply of domestic zinc concentrate is tight, SMM domestic zinc concentrate processing fees dropped 200 to 2,650 yuan/ton, and imported ore TC dropped 4.17 to 98.37 US dollars/ton [7]. 2. Industry News - **Price and Premium Information**: On November 17, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,515 - 22,620 yuan/ton, and that of 1 zinc was between 22,445 - 22,550 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at about 22,505 - 22,550 yuan/ton. In the Tianjin market, 0 zinc ingots were mainly traded at 22,360 - 22,490 yuan/ton. In the Guangdong market, 0 zinc was mainly traded at 22,350 - 22,440 yuan/ton, and the price difference between Shanghai and Guangdong widened [8][9]. 3. Data Overview - The report presents figures including the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [10][13]