Group 1 - The domestic zinc market is experiencing a downward trend, with the main contract for Shanghai zinc futures opening at 22,020.00 CNY/ton and fluctuating between a high of 22,070.00 CNY and a low of 21,915.00 CNY, reflecting a decline of approximately 1.17% [1] - According to Zhengxin Futures, there is a tendency for oversupply in the zinc market due to stable demand and increasing supply, although the realization of this oversupply depends on the transmission from the mining sector to the smelting sector, which will take time for internal adjustments [1] - Five Minerals Futures noted that domestic zinc smelting enterprises maintained normal production during the holiday, while most downstream zinc enterprises also operated normally, with some zinc alloy companies taking longer breaks [1] Group 2 - Zhonghui Futures indicated that the domestic demand peak season is not strong, advising cautious holding of previous short positions and recommending selling hedges to lock in profits, with a medium to long-term bearish outlook on zinc due to increasing supply and decreasing demand [2] - The focus for Shanghai zinc is on the range of 21,800 to 22,400 CNY/ton, while for London zinc, the range is set at 2,900 to 3,000 USD/ton [2]

8月7日，国内期市有色金属板块多数飘红。其中沪锌期货盘中高位震荡运行，截至发稿主力合约小幅上 涨1.10%，报22575.00元/吨。 供应方面，据了解，受新疆、河北等多地矿山产量增长影响，7月SMM锌精矿环比增长显著，但8月四 川、云南等地存在矿山检修，8月锌精矿产量或环比小幅下滑。 需求方面，新湖期货分析称，上周锌下游开工率明显回落，创近四年低位，需求呈现阶段性透支表现。 下游原料库存下降，成品库存维持相对低位，呈现主动降库表现。 后市来看，铜冠金源期货表示，基本面未有新增矛盾，下游前期低位补库后当前以消化库存为主，采买 积极性不佳，本周或维持累库，关注今日三方数据。短期降息预期提振锌价弱反弹修整，但过剩预期较 强，预计反弹高度有限。 宏观方面，据中财期货介绍，美国7月非农数据意外爆冷，且大幅下修前两个月的就业数据引发市场对 就业市场降温担忧，目前市场大幅提升美联储9月降息可能，美元指数小幅承压。国内政治局会议结果 相对不及市场预期，无明显增量政策，且叠加海内外制造业PMI表现均偏弱，经济增长动能有所减弱。 ...