Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - No investment rating information provided in the report. Core View - The zinc market maintains a pattern of increasing supply and weak demand. Although the social inventory is at a low level, the trend of inventory accumulation in the off - season has not been confirmed. The SHFE zinc is expected to fluctuate weakly in the short term, with the 22,000 - yuan mark turning into a resistance level [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: The main contract of SHFE zinc 2508 closed at 21,920 yuan/ton, up 185 yuan or 0.85%. The 0 - 3 spread was 22.25, the SHFE - LME ratio was 8.26, and the ratio excluding exchange rate was 1.16. The spot import loss was 842.727 yuan/ton, and the import window was deeply closed. The domestic social inventory decreased slightly by 0.18 million tons to 7.78 million tons at the beginning of the week. The supply of zinc concentrates was abundant, the imported zinc concentrate TC increased slightly, and the domestic TC remained flat at 3,600 yuan/ton. The smelting sector was expected to increase production, while the开工 rates in the downstream primary consumption fields were all lower than the same period in previous years. The construction of engineering projects and the home appliance industry were weak, and the galvanizing production plan was reduced. The terminal consumption support decreased marginally after the 618 mid - year promotion and the interruption of national subsidies [7]. 2. Industry News - **National 0 Zinc Transactions**: On June 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,960 - 22,125 yuan/ton, and that of Shuangyan brand was between 22,160 - 22,325 yuan/ton. The morning market quoted a premium of 0 - 10 yuan/ton to the average price, and there was no quote against the market price. In the second trading session, the common domestic brands quoted a premium of 130 yuan/ton to the 2507 contract, and the high - end brand Shuangyan quoted a premium of 330 yuan/ton to the 2507 contract [8]. - **Ningbo Market**: The mainstream brands of 0 zinc in Ningbo were traded at around 21,960 - 22,125 yuan/ton. The common brands in Ningbo quoted a premium of 130 yuan/ton to the 2507 contract and a premium of 30 yuan/ton to the Shanghai spot price. The mainstream in Ningbo was to quote against the 2507 contract, and the quotes remained stable in the two trading periods [8]. - **Tianjin Market**: The mainstream transaction price of 0 zinc ingots in Tianjin was between 21,890 - 22,090 yuan/ton, and that of Zijin brand was between 21,950 - 22,140 yuan/ton. The common 0 zinc quoted a premium of 60 - 100 yuan/ton to the 2507 contract, and Zijin quoted a premium of 120 - 150 yuan/ton to the 2507 contract. The Tianjin market quoted a discount of about 20 yuan/ton compared to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream transaction price of 0 zinc in Guangdong was between 21,785 - 21,995 yuan/ton. The mainstream brands quoted a premium of 195 yuan/ton to the 2508 contract and a discount of 100 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong expanded [9]. 3. Data Overview - The report provided charts on 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, but did not provide specific data analysis in the text [11][13]

1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 24, 2025 [2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - The zinc market maintains a pattern of increasing supply and weak demand. Although the social inventory is at a low level, the trend of inventory accumulation in the off - season has not been confirmed. The Shanghai zinc is expected to fluctuate weakly in the short term, with the 22,000 - yuan mark turning into a resistance level. [7] 4. Summary by Section 4.1 Market Review - **Futures Market Data**: For SHFE zinc, the contract 2507 opened at 21,955 yuan/ton, closed at 21,980 yuan/ton, up 75 yuan or 0.34%, with a position of 67,890 lots and a decrease of 8,673 lots; contract 2508 opened at 21,740 yuan/ton, closed at 21,780 yuan/ton, up 40 yuan or 0.18%, with a position of 110,868 lots and an increase of 5,745 lots; contract 2509 opened at 21,680 yuan/ton, closed at 21,640 yuan/ton, up 20 yuan or 0.09%, with a position of 57,539 lots and an increase of 2,529 lots. The SHFE zinc fluctuated lower in the morning and rebounded in the afternoon. The spot import window was closed with a loss of 642.97 yuan/ton. LME zinc inventory decreased by 325 tons to 126,225 tons, and domestic social inventory decreased by 0.18 million tons to 7.78 million tons. The zinc ore supply is loose, the imported zinc ore TC increased slightly, and the domestic TC remained at 3,600 yuan/ton. The downstream primary consumption sector's开工 rate is lower than the same - period level in previous years, and the terminal consumption support is gradually weakening. [7] 4.2 Industry News - **Price and Premium in Different Regions**: - On June 23, 2025, in the mainstream market, 0 zinc was traded at 21,960 - 22,125 yuan/ton, 1 zinc at 21,890 - 22,055 yuan/ton. Different brands had different premiums over relevant contracts in different trading periods. - In the Ningbo market, the mainstream 0 zinc was traded at 21,960 - 22,125 yuan/ton, with a premium of 130 yuan/ton over the 2507 contract and a premium of 30 yuan/ton over the Shanghai spot. - In the Tianjin market, 0 zinc was traded at 21,890 - 22,090 yuan/ton, with different premiums for different brands over the 2507 contract, and the Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market. - In the Guangdong market, 0 zinc was traded at 21,785 - 21,995 yuan/ton, with a premium of 195 yuan/ton over the 2508 contract and a discount of 100 yuan/ton compared to the Shanghai spot, and the price difference between Shanghai and Guangdong widened. [8][9] 4.3 Data Overview - The report mentions several data - related charts, including the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, etc., but no specific data analysis is provided in the given text other than the inventory changes mentioned in the market review section. [13]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 17, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - Short - term, Shanghai zinc shows a weak and volatile trend; medium - term, the expectation of loose ore supply remains unchanged, and the zinc market has a pattern of increasing supply and weak demand, with potential for further price decline [7] Summary by Directory 1. Market Review - **Futures Market**: For Shanghai zinc, zn2507 closed at 21,840 yuan/ton, down 110 yuan with a 0.50% decline, with reduced volume and positions (positions decreased by 6,896 to 116,264 hands). LME zinc inventory decreased by 775 tons to 130,225 tons, all from Singapore warehouses. The spot import loss widened by 160.70 to - 527.98 yuan/ton, and the import window was closed [7] - **Spot Market**: Downstream consumption was weak. The spot premiums in three regions continued to decline. The social inventory increased by 0.1 million tons to 7.81 million tons as of Monday. With demand entering the off - season, downstream orders were poor, while smelters increased production due to rising processing fees and high by - product profits, leading to a marginal increase in zinc ingot supply in June [7] 2. Industry News - **June 16, 2025 Prices**: 0 zinc mainstream transaction prices were 21,970 - 22,120 yuan/ton, 1 zinc was 21,900 - 22,050 yuan/ton. Premiums varied by brand and region. For example, in the Shanghai market, common domestic brands had a premium of 240 yuan/ton over the 2507 contract [8] - **Regional Markets**: In Ningbo, the mainstream 0 zinc price was 22,030 - 22,120 yuan/ton, with a premium of 240 yuan/ton over the 2507 contract. In Tianjin, 0 zinc was 21,950 - 22,110 yuan/ton, and the market was at par with Shanghai. In Guangdong, 0 zinc was 21,950 - 22,180 yuan/ton, with a premium of 210 yuan/ton over the 2507 contract and a 10 - yuan/ton discount to Shanghai [8][9] 3. Data Overview - The report presented figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventories, and LME zinc inventories, with data sources including Wind and SMM [11][13]