Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: September 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Domestic processing fees lack upward momentum, with local quotes showing a narrow decline but no downward trend [7]. - Although smelters' comprehensive profits have shrunk, they remain at a relatively high level. More smelters are undergoing maintenance in September, and the output is expected to decline by 1 - 20,000 tons month - on - month, with the monthly output expected to be around 600,000 tons. The supply side generally remains loose [7]. - Thanks to the resumption of previously shut - down and reduced - production facilities, the operating rates of galvanizing and zinc oxide have slightly increased. However, overall consumption is not ideal during the peak consumption season. The operating rate in the primary consumption sector has increased month - on - month but is weaker than the same period last year. Social inventories decreased slightly on Monday [7]. - There is still some bargain - hunting replenishment by downstream enterprises when zinc prices fall, but most of the previous price - fixing has been completed, and the spot premium has limited upward momentum. Zinc prices are expected to fluctuate between 21,800 - 22,500 yuan [7]. Group 4: Market Review - **Futures Market Quotes**: - For the contract "2510" of Shanghai Zinc, the opening price was 21,930 yuan/ton, the closing price was 21,845 yuan/ton, the highest was 21,980 yuan/ton, the lowest was 21,830 yuan/ton, the change was - 100 yuan/ton, the change rate was - 0.46%, the trading volume was 2,510, and the open interest was 42,441 with a decrease of 5,600 [7]. - For the contract "2511" of Shanghai Zinc, the opening price was 21,895 yuan/ton, the closing price was 21,860 yuan/ton, the highest was 21,985 yuan/ton, the lowest was 21,860 yuan/ton, the change was - 95 yuan/ton, the change rate was - 0.43%, the trading volume was 2,511, and the open interest was 141,867 with an increase of 1,495 [7]. - For the contract "2512" of Shanghai Zinc, the opening price was 21,905 yuan/ton, the closing price was 21,875 yuan/ton, the highest was 21,990 yuan/ton, the lowest was 21,870 yuan/ton, the change was - 80 yuan/ton, the change rate was - 0.36%, the trading volume was 2,512, and the open interest was 49,776 with an increase of 5,966 [7]. Group 5: Industry News - On September 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,920 - 22,035 yuan/ton, that of Shuangyan was between 22,050 - 22,165 yuan/ton, and that of 1 zinc was between 21,850 - 21,965 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 21,890 - 21,995 yuan/ton. The regular brands in Ningbo were quoted at a discount of 25 yuan/ton to the "2510" contract and a premium of 30 yuan/ton to Shanghai spot [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 21,890 - 22,010 yuan/ton, and 1 zinc ingots were traded around 21,800 - 21,920 yuan/ton. The price of Huludao zinc was 22,580 yuan/ton [8]. - In the Guangdong market, 0 zinc was mainly traded between 21,845 - 21,995 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the "2511" contract and at par with Shanghai spot [8]. Group 6: Data Overview - The report mentions data on the weekly inventory of SMM's seven - region zinc ingots (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE's inter - month spread, but specific data values are not provided [13][15]

1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 2. Market Review - Futures Market: The Shanghai zinc futures market opened lower and rebounded, with the main contract switching to ZN2511, closing at 22,090 yuan/ton, up 30 yuan or 0.14%. The trading volume increased, and the open interest rose by 68,581 lots to 130,425 lots. LME zinc inventory decreased by 1,000 tons to 46,825 tons, and the overseas spot premium widened. The domestic processing fee had limited upward momentum, and the SMM zinc concentrate domestic monthly TC was 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 US dollars/dry ton to 98.25 US dollars/dry ton. The by - product sulfuric acid price was stable with a slight decline. Due to more smelter overhauls in September and supply shortages in some secondary zinc enterprises, the monthly output was expected to decline by 1 - 20,000 tons to around 600,000 tons, and the supply remained generally loose. On the demand side, the operating rates of galvanizing and zinc oxide increased slightly, but overall consumption in the peak season was not ideal. The inventory was expected to continue to decline this week, and the zinc price would continue to fluctuate between 21,800 - 22,500 yuan [7]. 3. Industry News - On September 22, 2025, the mainstream transaction prices of 0 zinc were concentrated between 19,100 - 22,065 yuan/ton, and different brands had different price ranges and premium/discount situations in different trading periods and regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8][17] 4. Data Overview - There are figures showing the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and SMM, and the research and development department of Jianxin Futures [11][14]

1. Report Industry Investment Rating - Unilateral: Neutral. Arbitrage: Neutral. [5] 2. Core Viewpoints - Zinc prices maintain a volatile pattern. Consumption resilience and inventory changes are the main factors affecting zinc prices. The consumption side may face a test in May, with a possible sequential weakening in consumption after May. [1][4] 3. Summary by Related Catalogs 3.1 Important Data - **Spot**: LME zinc spot premium is -$36.93/ton. SMM Shanghai zinc spot price rose by 80 yuan/ton to 22,850 yuan/ton, and the spot premium fell by 15 yuan/ton to 500 yuan/ton. SMM Guangdong zinc spot price rose by 80 yuan/ton to 22,850 yuan/ton, and the spot premium fell by 15 yuan/ton to 500 yuan/ton. SMM Tianjin zinc spot price rose by 70 yuan/ton to 22,830 yuan/ton, and the spot premium fell by 25 yuan/ton to 480 yuan/ton. [2] - **Futures**: On May 8, 2025, the Shanghai zinc main contract opened at 22,245 yuan/ton, closed at 22,175 yuan/ton, down 175 yuan/ton from the previous trading day. The trading volume was 222,075 lots, an increase of 66,119 lots from the previous trading day, and the open interest was 119,907 lots, an increase of 3,206 lots. The highest price reached 22,455 yuan/ton, and the lowest price was 22,070 yuan/ton. [2] - **Inventory**: As of May 8, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 83,300 tons, an increase of 6,300 tons from the same period last week. As of the same date, LME zinc inventory was 170,650 tons, a decrease of 750 tons from the previous trading day. [3] 3.2 Market Analysis - **Spot Market**: Trading has been lukewarm. Rising absolute prices have dampened downstream purchasing enthusiasm, leading to a slight decline in spot premiums. However, overall inventory is low and supply is tight, so spot premiums remain at a high level. [4] - **Cost**: TC remains high and relatively stable, with limited upside potential in the future. But it does not affect smelters' profitability, so TC is not the main concern for now. [4] - **Supply**: The expected output in May is slightly lower, but still shows a high year - on - year growth. There may also be a delay in maintenance, so the supply pressure persists. [4] - **Consumption**: This is the current focus. The continuous decline in social inventory supports zinc prices. Consumption resilience and inventory changes are the main factors affecting zinc prices. Consumption in May may face a test, and there may be a sequential weakening in consumption after May due to the approaching end of the export rush window and over - drafting. [4]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - Zinc prices are expected to maintain a short - term oscillating trend [1]. Group 3: Summary by Related Catalogs Important Data - **Spot Market**: The LME zinc spot premium is -$15.80 per ton. SMM Shanghai zinc spot price rose by 150 yuan/ton to 22,920 yuan/ton, with the premium rising by 220 yuan/ton to 490 yuan/ton. SMM Guangdong zinc spot price rose by 220 yuan/ton to 22,900 yuan/ton, with the premium rising by 290 yuan/ton to 470 yuan/ton. SMM Tianjin zinc spot price rose by 160 yuan/ton to 22,980 yuan/ton, with the premium rising by 230 yuan/ton to 550 yuan/ton [2]. - **Futures Market**: On April 14, 2025, the main SHFE zinc contract opened at 22,445 yuan/ton and closed at 22,515 yuan/ton, up 170 yuan/ton from the previous trading day. The trading volume was 155,488 lots, an increase of 22,142 lots, and the position was 105,798 lots, an increase of 41,317 lots. The intraday price fluctuated between 22,355 yuan/ton and 22,595 yuan/ton [2]. - **Inventory**: As of April 14, 2025, the total inventory of SMM seven - region zinc ingots was 105,600 tons, a decrease of 5,400 tons from the previous week. The LME zinc inventory was 117,300 tons, a decrease of 2,050 tons from the previous trading day [3]. Market Analysis - **Spot Market**: The change of the main contract led to a significant increase in the premium of the spot to the main contract, but the premium of the actual spot market transaction to the 05 contract declined [4]. - **Fundamentals**: On the supply side, the TC has not changed its upward trend so far, but the future upward space and amplitude are limited. Currently, with the high TC and price, the smelting enthusiasm is high, and the supply will continue to increase, which will limit the upward height of zinc prices. Consumption is relatively strong. The export market has not been affected by tariffs, and the year - on - year export growth rate is relatively fast. After the absolute price dropped, the downstream's enthusiasm for point - price procurement was high, the social inventory decreased significantly, the spot premium rose rapidly, and the low inventory provided favorable support for zinc prices, resulting in a range - bound trend of zinc prices [4]. Strategy - **Unilateral**: Neutral. - **Arbitrage**: Inter - period positive spread [5]