Report Overview - Report Title: Zinc Futures Daily Report [1] - Date: July 1, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Overseas refinery strikes have tightened global refined zinc production, leading to a continuous decline in LME inventories below 120,000 tons, approaching the inventory low in April this year. The external market discount has rapidly converged, driving up the Shanghai zinc price. However, the domestic zinc ore imports remain at a high level, increasing the supply pressure of zinc ingots. The downstream primary consumption sector's开工 rate is lower than the same period in previous years, and the finished product inventory has slightly accumulated. The market is in a state of high-level consolidation, waiting for the right entry opportunity [7]. 3. Summary by Directory 3.1 Market Review - **Futures Market**: The main contract of Shanghai zinc closed at 22,495 yuan/ton, up 70 yuan, or 0.31%. The trading volume decreased, and the open interest decreased by 2,242 lots to 140,186 lots. The external market drove up the Shanghai zinc price, but the domestic supply pressure increased, and the downstream consumption was weak [7]. - **Spot Market**: The domestic zinc spot market was generally weak. The Shanghai market's premium to the 07 contract was 60 yuan/ton, the Tianjin market was at a discount of 80 yuan/ton compared to the Shanghai market, and the Guangdong market reported a premium of 50 yuan/ton to the 08 contract [7]. 3.2 Industry News - **Price Information**: On June 30, 2025, the mainstream transaction prices of 0 zinc were concentrated between 22,470 - 22,580 yuan/ton, and the prices varied in different regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8][9]. - **Premium Information**: The premium situation in different regions also varied. For example, the Shanghai market's premium to the 07 contract was 60 yuan/ton, and the Guangdong market reported a premium of 50 - 90 yuan/ton to the 08 contract [7][9]. 3.3 Data Overview - The report provides charts of the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of the two markets, and SHFE's monthly spread, but no specific data analysis is given in the text [13][14].