Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The zinc market has a pattern of increasing supply and weak demand, with an unchanged fundamental surplus. However, LME inventories are continuously decreasing, and domestic bullish sentiment is strong, making it difficult for zinc prices to decline rapidly. Considering that the rebound in zinc prices suppresses the purchasing enthusiasm of downstream buyers and the hedging pressure after the rise in zinc prices, the strategy is still to short on rallies, with an operating range of 21,500 - 23,000 yuan/ton [3]. Summary by Relevant Catalogs 1. Market Review - SMM1 zinc ingot average price rose 0.76% to 22,400 yuan/ton, Shanghai zinc main contract closing price rose 0.87% to 22,515 yuan/ton, and LME zinc closing price (electronic trading) rose 3.83% to 2,834 US dollars/ton [12]. 2. Raw Material Side 2.1 Zinc Concentrate - Zinc concentrate port inventories continued to decline. As of August 8, Lianyungang imported zinc ore inventory was 100,000 tons, a month - on - month increase of 10,000 tons; the total inventory of 7 ports was 308,000 tons, a month - on - month decrease of 26,000 tons [23][25]. - Zinc concentrate profits recovered with the rise in zinc prices. As of August 7, zinc concentrate enterprise production profit was 4,052 yuan/metal ton. In June, zinc concentrate imports were 330,000 tons, a month - on - month decrease of 32.87% and a year - on - year increase of 22.42%; from January to June, cumulative imports were 2.5339 million tons, a cumulative year - on - year increase of 47.74% [26][32]. - Import TC continued to increase. As of August 8, the domestic zinc concentrate processing fee was 3,900 yuan/metal ton, and the import zinc concentrate processing fee index was 82.25 US dollars/dry ton [33][35]. 2.2 Refined Zinc - Refined zinc enterprise production profits continued to improve. As of August 7, refined zinc enterprise production profit was - 112 yuan/ton. In July, domestic refined zinc production was 602,800 tons, a month - on - month increase of 17,700 tons, and it is expected to reach about 620,000 tons in August [36][41]. - The Shanghai - London ratio declined, and the import window was closed. As of August 8, refined zinc import profit was - 1,753.52 yuan/ton. From January to June 2025, the cumulative import volume of refined zinc was 192,000 tons, a cumulative year - on - year decrease of 30,000 tons [42][44]. 3. Demand Side 3.1 Galvanizing - Galvanizing开工率 increased by 0.58 percentage points to 57.35%. Some previously减产 enterprises recovered, driving a slight increase in开工. Terminal market orders were weak, with only tower orders being acceptable, and export orders were weakened due to tariffs [48][50]. - Galvanizing raw material inventories increased. At the beginning of the week, zinc prices were weak, and galvanizing enterprises replenished stocks at low prices. As zinc prices rebounded, purchasing sentiment weakened, and raw material inventories slightly increased. Galvanizing finished product inventories increased due to increased开工 and average orders [51][53]. 3.2 Die - Casting Zinc Alloy - Zinc alloy prices rebounded. Zamak3 zinc alloy average price rose 0.74% to 23,095 yuan/ton, and Zamak5 zinc alloy average price rose 0.72% to 23,645 yuan/ton [58][60]. - Die - casting zinc alloy开工率 increased by 0.18 percentage points to 48.42%. Some enterprises resumed production, driving an overall increase in production. Terminal demand showed no obvious improvement, and if shipments remained weak, enterprise开工 might decline [61][63]. - Die - casting zinc alloy raw material inventories decreased due to high zinc prices and strong purchasing pressure. Finished product inventories increased slightly [64][67]. 3.3 Zinc Oxide - Zinc oxide prices rebounded. The average price of zinc oxide ≥99.7% increased by 0.94% to 21,500 yuan/ton [69]. - Zinc oxide enterprise开工率 decreased by 0.45 percentage points to 55.68%. It was in the off - season, and开工 fluctuated slightly. Terminal rubber - grade orders did not improve, ceramic - grade demand weakened, and electronic - grade orders were acceptable due to grid support [70][72]. - Zinc oxide raw material inventories decreased as enterprises mainly made rigid purchases due to rising zinc prices. Finished product inventories increased [73][75]. 4. Inventory - Shanghai zinc social inventories continued to increase. As of August 7, SMM zinc ingot three - place inventories were 113,200 tons, and the bonded area inventory was 7,000 tons, a month - on - month increase of 1,000 tons [78][80]. - SHFE inventories increased. As of August 8, SHFE inventory was 65,900 tons. LME inventories decreased. As of August 7, LME inventory was 81,500 tons [81][83]. - The monthly supply - demand balance table shows that the market has experienced both supply surpluses and shortages in different months in 2024 - 2025 [89].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 26, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not mentioned in the report Core View - The zinc market maintains a pattern of increasing supply and weak demand. Although social inventory is at a low level, the trend of inventory accumulation during 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 Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2507, it opened at 22,150 yuan/ton, closed at 22,175 yuan/ton, with the highest at 22,215 yuan/ton, and the lowest at 22,025 yuan/ton, up 95 yuan, a 0.43% increase, and the holding volume decreased by 13,166 to 38,573 lots. For SHFE zinc 2508 (the main contract), it opened at 21,975 yuan/ton, closed at 22,045 yuan/ton, with the highest at 22,095 yuan/ton, and the lowest at 21,860 yuan/ton, up 125 yuan, a 0.57% increase, with reduced volume and increased positions, and the holding volume increased by 8,395 to 129,865 lots. For SHFE zinc 2509, it opened at 21,905 yuan/ton, closed at 21,945 yuan/ton, with the highest at 21,995 yuan/ton, and the lowest at 21,775 yuan/ton, up 150 yuan, a 0.69% increase, and the holding volume increased by 3,349 to 61,109 lots [7] - **Market Situation**: The SHFE zinc traded within a range. The 0 - 3 spread was C20.17, the SHFE - LME ratio was 8.25, and the ratio excluding exchange was 1.16. The spot import loss was 875.84 yuan, showing a pattern of strong overseas and weak domestic markets. The import window remained deeply closed, the LME inventory continued to be below 130,000 tons, and China's import volume in June was expected to decline month - on - month. The mine supply was abundant, the imported zinc concentrate TC increased slightly, and the domestic TC remained flat at 3,600 yuan/ton. The smelting end was expected to have an incremental output, while the operating rates in the downstream primary consumption sectors were all lower than the same period in previous years. The construction of engineering projects and the home appliance industry were both weak, and the galvanizing production plan was reduced [7] 2. Industry News - **Shanghai Market**: On June 25, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,205 - 22,295 yuan/ton, and that of 1 zinc was between 22,135 - 22,225 yuan/ton. In the morning, the market quoted a premium of 40 - 50 yuan/ton to the average price, and there was no quote against the market price. In the second trading session, the ordinary domestic zinc was quoted at a premium of 140 - 150 yuan/ton to the 2507 contract [8] - **Ningbo Market**: The mainstream transaction price of 0 zinc was around 22,185 - 22,245 yuan/ton. The regular brands in Ningbo were quoted at a premium of 100 yuan/ton to the 2507 contract and a premium of 10 yuan/ton to the Shanghai spot price [8] - **Tianjin Market**: The 0 zinc ingot was mainly traded between 22,060 - 22,180 yuan/ton, and the 1 zinc ingot was traded between 21,940 - 22,030 yuan/ton. The 0 zinc was generally quoted at a premium of 30 - 40 yuan/ton to the 2507 contract, and the Tianjin market was at a discount of about 60 yuan/ton compared with the Shanghai market [8][9] - **Guangdong Market**: The mainstream transaction price of 0 zinc was between 22,090 - 22,185 yuan/ton. The mainstream brands were quoted at a premium of 180 - 210 yuan/ton to the 2508 contract and a discount of 70 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong widened [9] 3. Data Overview - The report presents figures such as the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of zinc ingots in seven regions by SMM, and the LME zinc inventory, with data sources including Wind and the Research and Development Department of CCB Futures [11][13]