伦敦金属交易所（LME）公布数据显示，上周伦锌库存继续下滑，最新库存为41,950吨，再刷逾两年新 低。 | 日期 | LME | 上期所 | | --- | --- | --- | | 2025/9/29 | 41, 950 | | | 2025/9/26 | 42, 775 | 100, 544 | | 2025/9/25 | 43, 800 | | | 2025/9/24 | 44, 400 | | | 2025/9/23 | 45, 775 | | | 2025/9/22 | 46, 825 | | | 2025/9/19 | 47, 825 | 99, 315 | | 2025/9/18 | 48, 825 | | | 2025/9/17 | 48, 975 | | | 2025/9/16 | 48, 975 | | | 2025/9/15 | 50, 150 | | | 2025/9/12 | 50, 525 | 94, 649 | | 2025/9/11 | 50, 625 | | | 2025/9/10 | 50, 825 | | | 2025/9/9 | 51, 025 | | | 2025 ...

沪锌期货早报-2025年9月25日 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 2、基差：现货21860，基差+0；中性。 3、库存：9月24日LME锌库存较上日减少1375吨至44400吨，9月24日上期所 锌库存仓单较上日增加744吨至57357吨；中性。 4、盘面：昨日沪锌震荡下跌走势，收20日均线之下,20日 ...

Group 1 - LME zinc inventory has decreased, reaching 46,825 tons, marking a new low in over two years [1] - SHFE zinc inventory has increased for thirteen consecutive weeks, rising by 4.93% to 99,315 tons, the highest level in over a year [1] - Generally, declining inventories in both domestic and international exchanges support price trends, while increasing inventories may exert downward pressure on prices [3] Group 2 - A comparison of LME and SHFE zinc inventories since September 2025 shows significant trends in inventory levels [4]

Group 1: Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 18, 2025 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Performance: Shanghai zinc futures showed narrow - range fluctuations. ZN2510 closed at 22,280 yuan/ton, down 20 yuan or 0.09%, with reduced volume and positions. The 10 - 11 spread was - 5. The domestic processing fee had limited upward momentum, with some local quotes slightly falling. SMM domestic monthly TC for zinc concentrate was 3,850 yuan/metal ton, and the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. By - product sulfuric acid prices dropped due to supply recovery. Despite a contraction in comprehensive profit, it remained at a relatively high level. September saw more smelter overhauls and some secondary zinc enterprises faced raw material price hikes and tight supply, with expected monthly output down 1 - 2 tons to around 600,000 tons. Supply remained generally loose. After the parade, logistics and production restrictions in North and Central China were lifted, leading to a month - on - month increase in the primary consumption sector's开工. However, the improvement in consumption was slowly transmitted upstream, and social inventories continued to accumulate, though at a slower pace. There was a divergence between the strong overseas and weak domestic markets, with concerns about overseas refined zinc supply causing a spot premium (0 - 3B41.33). Given the weak fundamentals of Shanghai zinc and no sign of a de - stocking inflection point, the market maintained a range - bound pattern. The market generally expected a 25 - basis - point interest rate cut to be announced early Thursday, and attention was on Powell's speech for guidance on the path of interest rate cuts for the year [7] Group 3: Industry News - Zinc Price and Transaction Information: On September 17, 2025, the mainstream transaction price of 0 zinc was 22,175 - 22,280 yuan/ton, double - swallow brand was 22,285 - 22,400 yuan/ton, and 1 zinc was 22,105 - 22,210 yuan/ton. In the morning, the market quoted a premium of 30 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a discount of 20 yuan/ton to the 2510 contract, Honglu - v at a 20 - yuan/ton discount, Huize at a 50 - 60 - yuan/ton premium, and high - end brand Double - swallow at a 90 - 100 - yuan/ton premium. In different regions, the prices and quotes relative to the contracts varied. For example, in Ningbo, the mainstream brand 0 zinc was traded at 22,175 - 22,260 yuan/ton, with quotes at a discount to the 2510 contract; in Tianjin, 0 zinc was at 22,110 - 22,270 yuan/ton, with various discounts to the 2510 contract; in Guangdong, 0 zinc was at 22,090 - 22,230 yuan/ton, with quotes at a discount to the 2511 contract and a discount to Shanghai spot prices, and the Shanghai - Guangdong price spread widened [8][9] Group 4: Data Overview - Data Sources: Wind and Jianxin Futures Research and Development Department provided data on the two - market zinc price trends, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory [7][10][11]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The global zinc plate had a supply surplus of 22,700 tons in April 2025, but a supply shortage of 56,500 tons from January to April. The overall fundamentals are considered positive. The basis is neutral, inventory trends are positive, the disk shows a negative trend, the main position is net long with a reduction in long positions, and the expected trend of SHFE zinc ZN2510 is to oscillate weakly [2]. - On September 5, the trading volume of zinc futures decreased, and both long and short positions reduced their holdings. The market may oscillate and consolidate in the short - term. Technically, the price is below the moving average system, the short - term indicator KDJ is rising in the weak area, the trend indicator is declining, the strength of the long side is increasing, the strength of the short side is decreasing, and the dominance of the short side is narrowing. The recommended operation for SHFE zinc ZN2510 is to expect an oscillatory consolidation [18]. 3. Summary According to Relevant Catalogs 3.1 Zinc Futures Market Data - **September 5, 2025, Futures Exchange Zinc Futures Quotes**: The total trading volume was 170,162 lots, with a total trading value of 1,881,733.09 million yuan. The open interest was 226,104 lots, a decrease of 6,320 lots [3]. - **September 5, 2025, Domestic Main Spot Market Quotes**: The price of zinc concentrate in Chenzhou increased by 50 yuan/ton to 16,690 yuan/ton; the price of zinc ingot in Kuaisan increased by 60 yuan/ton to 22,060 yuan/ton; the price of galvanized sheet decreased by 2 yuan/ton to 4,036 yuan/ton; the price of galvanized pipe decreased by 2 yuan/ton to 4,451 yuan/ton; the price of zinc alloy in Ningbo increased by 50 yuan/ton to 22,570 yuan/ton; the price of zinc powder in Changsha increased by 60 yuan/ton to 27,220 yuan/ton; the price of zinc oxide in Taizhou remained unchanged at 20,500 yuan/ton; the price of secondary zinc oxide in Linzhou remained unchanged at 7,857 yuan/ton [4]. 3.2 Inventory Data - **National Main Market Zinc Ingot Inventory Statistics (August 25 - September 4, 2025)**: The total inventory increased from 124,800 tons on August 25 to 138,500 tons on September 4, an increase of 8,700 tons compared to August 28 and 5,100 tons compared to September 1 [5]. - **September 5, 2025, Futures Exchange Zinc Warehouse Receipt Report**: The total warehouse receipts were 40,772 tons, a decrease of 124 tons. Among them, Shanghai had 50 tons (unchanged), Guangdong had 20,073 tons (a decrease of 49 tons), Jiangsu had 0 tons (unchanged), and Tianjin had 20,649 tons (a decrease of 75 tons) [6]. - **September 5, 2025, LME Zinc Inventory Distribution and Statistics**: The total inventory was 54,050 tons, a decrease of 700 tons [7]. 3.3 Price Data - **September 5, 2025, National Main Cities Zinc Concentrate Price Summary**: The price of zinc concentrate in various regions increased by 50 yuan/ton. For example, the price in Jiyuan, Kunming, and other places was 16,790 yuan/ton, and the price in Chenzhou and Chifeng was 16,690 yuan/ton [8]. - **September 5, 2025, National Market Zinc Ingot Smelter Price Quotes**: The price of 0 zinc ingots from various manufacturers increased by 50 yuan/ton. For example, the price of Hunan Weichuan Zhidong was 22,290 yuan/ton, and the price of Liaoning Huludao Zinc Industry was 22,620 yuan/ton [12]. 3.4 Production Data - **June 2025, Domestic Refined Zinc Production**: The planned production in June was 459,700 tons, and the actual production was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production in July was 470,300 tons [14]. 3.5 Processing Fee Data - **September 5, 2025, Zinc Concentrate Processing Fee Quotes**: The processing fees for zinc concentrate in different regions varied. For 50% grade zinc concentrate, the lowest was 3,400 yuan/metal ton in Gaozhou, and the highest was 4,200 yuan/metal ton in Linzhou. The import processing fee for 48% grade zinc concentrate was 80 - 100 US dollars/kiloton [16]. 3.6 Futures Company Position Data - **September 5, 2025, Shanghai Futures Exchange Member Zinc Trading Volume and Position Ranking Table (Contract Code: zn2510)**: The total trading volume of futures companies was 171,841 lots, a decrease of 97,157 lots; the total long position was 72,425 lots, a decrease of 5,040 lots; the total short position was 75,290 lots, a decrease of 4,963 lots [17].

Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: September 5, 2025 [2] - Research Team: Non - ferrous Metals Research Team, including Peng Jinglin, Zhang Ping, and Yu Feifei [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Shanghai zinc led the decline in non - ferrous metals. The main contract closed at 22,120 yuan/ton, down 185 yuan or 0.83%. It showed increased volume and open interest, with open interest increasing by 14,140 lots to 118,873 lots. The net short position of the top 20 long - short positions in total open interest increased by 6,418 lots. The fundamentals changed little, with zinc ore processing fees rising continuously and zinc ingot production remaining at a high level. The demand side was supported by policies but was weak in the short term. Production restrictions in North China suppressed galvanized consumption. The pressure of supply - demand surplus was reflected in inventory. Social inventory increased by 0.26 million tons to 14.89 million tons on Thursday. LME zinc inventory decreased by 475 tons to 54,750 tons, the lowest level since May 2023, with a 0 - 3 spread of B18.78. Despite the macro - level interest rate cut expectation and continuous de - stocking at LME, the weak fundamentals of Shanghai zinc could not resonate. Shanghai zinc is expected to consolidate at a low level in the short term and may test the 22,000 - yuan integer mark again [7] Group 4: Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2509, the opening price was 22,210 yuan/ton, the closing price was 22,100 yuan/ton, the highest was 22,275 yuan/ton, the lowest was 21,970 yuan/ton, down 175 yuan or 0.79%, with an open interest of 8,355 lots, down 1,255 lots; for SHFE zinc 2510, the opening price was 22,240 yuan/ton, the closing price was 22,120 yuan/ton, the highest was 22,325 yuan/ton, the lowest was 22,000 yuan/ton, down 185 yuan or 0.83%, with an open interest of 118,873 lots, up 14,140 lots; for SHFE zinc 2511, the opening price was 22,280 yuan/ton, the closing price was 22,120 yuan/ton, the highest was 22,330 yuan/ton, the lowest was 22,010 yuan/ton, down 180 yuan or 0.81%, with an open interest of 70,099 lots, up 3,819 lots [7] 2. Industry News - On September 4, 2025, the mainstream transaction price of 0 zinc was 21,980 - 22,180 yuan/ton, that of Shuangyan was 22,120 - 22,340 yuan/ton, and that of 1 zinc was 21,910 - 22,110 yuan/ton. In the morning, the market quoted a premium of 30 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic brands were quoted at a discount of 20 yuan/ton to the 2510 contract, Honglu - v was at par to the 2510 contract, Huize was at a premium of 50 - 80 yuan/ton to the 2510 contract, and high - end brand Shuangyan was at a premium of 120 - 140 yuan/ton to the 2510 contract [8] - In the Ningbo market, the mainstream transaction price of 0 zinc was about 21,980 - 22,170 yuan/ton. Regular brands were quoted at a discount of 25 yuan/ton to the 2510 contract and a premium of 40 yuan/ton to Shanghai spot. In the first period, Qilin was quoted at a premium of 10 - 20 yuan/ton to the 2510 contract for delivery, Hualian/Jiulong was at a premium of 20 yuan/ton for delivery, and Anning was at a discount of 30 yuan/ton to the 2510 contract. In the second period, traders' quotes remained the same as the previous period [8] - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was 21,930 - 22,170 yuan/ton, that of Zijin was 21,980 - 22,180 yuan/ton, and that of 1 zinc ingots was around 21,880 - 22,090 yuan/ton. Huludao was quoted at 22,570 yuan/ton. Ordinary 0 zinc was quoted at a discount of 30 - 70 yuan/ton to the 2510 contract, Zijin was at a discount of 20 yuan/ton to the 2510 contract, and Tianjin market was at a discount of about 10 yuan/ton to Shanghai market [8] - In the Guangdong market, the mainstream transaction price of 0 zinc was 21,910 - 22,155 yuan/ton. Mainstream brands were quoted at a discount of 65 yuan/ton to the 2510 contract and at par to Shanghai spot, and the price difference between Shanghai and Guangdong narrowed. In the first period, holders quoted a discount of 90 - 45 yuan/ton for Qilin, Mengzi, Danxia, Anning, Feilong, and Lanxing; in the second period, the discount was 90 - 55 yuan/ton [8] 3. Data Overview - The report presents figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions (in million tons), and LME zinc inventory (in tons), with data sources including Wind and SMM, as well as the research and development department of Jianxin Futures [10][11][12]

Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: August 22, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - **Futures Market Quotes**: - The main contract of SHFE zinc 2510 closed at 22,240 yuan/ton, up 30 yuan with a 0.14% increase, with reduced volume and positions. The positions decreased by 568 lots to 110,426 lots. - LME zinc inventory decreased by 1,875 tons to 69,375 tons, with the entire decline from Singapore. The 0 - 3 spread was C9.33. - The domestic zinc market has a core contradiction of abundant concentrates and sufficient refined zinc, and social inventory has been accumulating, reflecting the surplus pressure. From January to July, the cumulative year - on - year increase in imported zinc concentrates was 45.2%. In August, the processing fee continued to rise, with the imported zinc concentrate index at 90.3 US dollars/dry ton and the domestic zinc concentrate TC stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices have expanded smelters' profit margins. In August, there were few domestic maintenance activities, and the refined zinc output may increase to 621,500 tons. - The downstream is in the off - season, and although there are policy supports on the demand side, the weakness is still obvious. The operating load in the primary consumption field remains at a low level. Overall, the pattern of strong overseas and weak domestic markets continues. The domestic market is difficult to fall deeply due to the influence of the overseas market. There is an expectation of a switch from the off - season to the peak season in late August, and the callback space of SHFE zinc is limited, with short - term wide - range fluctuations [7]. Group 3: Industry News - **Shanghai Market**: On August 21, 2025, the mainstream transaction price of 0 zinc was 22,240 - 22,305 yuan/ton, and that of Shuangyan was 22,360 - 22,415 yuan/ton. In the morning, the market quoted a premium of 20 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a discount of 10 yuan/ton to the 2509 contract [8]. - **Ningbo Market**: The mainstream price of 0 zinc was 22,220 - 22,275 yuan/ton. The regular brands in Ningbo were quoted at a discount of 40 yuan/ton to the 2509 contract and at par to the Shanghai spot price [8]. - **Tianjin Market**: The mainstream transaction price of 0 zinc was 22,210 - 22,280 yuan/ton, and that of Zijin was 22,230 - 22,310 yuan/ton. 0 zinc was generally quoted at a discount of 30 - 50 yuan/ton to the 2509 contract, and Zijin was quoted at a discount of 0 - 30 yuan/ton to the 2509 contract. The Tianjin market was at a discount of about 20 yuan/ton to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream transaction price of 0 zinc was 22,150 - 22,255 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2510 contract and at a discount of 30 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed [9]. Group 4: Data Overview - The report provides data on the seven - region weekly zinc ingot inventory of SMM, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [13][14]

Report Summary 1) Report Industry Investment Rating - Unilateral: Cautiously bearish; Arbitrage: Neutral [5] 2) Core View - The absolute price of zinc continues to decline, and the spot market is difficult to improve. Although the spot discount remains stable, the trading is still sluggish. The transportation in the Tianjin market is affected by the parade and the SCO meeting, and the downstream procurement enthusiasm is relatively good. The import TC is still rising, the smelters have sufficient raw material inventory, and the overall upward trend remains unchanged. The smelting profit of the industry remains above 1000 yuan/ton, and the smelting enthusiasm remains. The current pressure on the supply side and the expected future pressure remain unchanged. The consumption is strong in the off - season and shows signs of transitioning to the peak season, but the domestic inventory accumulation expectation remains unchanged, and if the peak - season consumption expectation fails, the zinc price will face greater pressure [4] 3) Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$8.65/ton. SMM Shanghai zinc spot price is -100 yuan/ton to 22,200 yuan/ton compared with the previous trading day, with a premium of -40 yuan/ton; SMM Guangdong zinc spot price is -110 yuan/ton to 22,170 yuan/ton, with a premium of -85 yuan/ton; Tianjin zinc spot price is -110 yuan/ton to 22,180 yuan/ton, with a premium of -60 yuan/ton [1] - **Futures**: On August 19, 2025, the main SHFE zinc contract opened at 22,320 yuan/ton, closed at 22,205 yuan/ton, -190 yuan/ton compared with the previous trading day. The trading volume was 110,478 lots, and the open interest was 105,576 lots. The highest price was 22,345 yuan/ton, and the lowest was 22,180 yuan/ton [2] - **Inventory**: As of August 19, 2025, the total inventory of SMM seven - region zinc ingots was 135,400 tons, a change of 6,300 tons compared with the previous period. As of the same date, LME zinc inventory was 72,200 tons, a change of -3,650 tons compared with the previous trading day [3] Market Analysis - **Cost**: Import TC is rising, and smelters have sufficient raw material inventory with an upward trend [4] - **Smelting**: The industry smelting profit remains above 1000 yuan/ton, and the smelting enthusiasm remains, with unchanged supply - side pressure [4] - **Consumption**: The consumption is strong in the off - season and shows signs of transitioning to the peak season, but the domestic inventory accumulation expectation remains unchanged. If the peak - season consumption expectation fails, the zinc price will face pressure [4] Strategy - **Unilateral**: Cautiously bearish. Zinc price may be relatively weak when other non - ferrous metals are strong, but the impact of overseas inventory needs attention [5] - **Arbitrage**: Neutral [5]

Group 1: Investment Rating - There is no specific report industry investment rating provided in the report Group 2: Core View - Zinc prices opened high and then declined, with the operating center still at a relatively high level. Downstream buyers showed strong fear of high prices, leading to a further slight expansion of the discount and冷清 market transactions. The TC of domestic and imported zinc ores continued to rise, increasing smelting profits and maintaining smelting enthusiasm, with the expectation of increased supply remaining unchanged. Even during the peak consumption season, the expectation of inventory accumulation in China remains unchanged, and the current inventory accumulation is accelerating. If the expectation of the peak consumption season fails, zinc prices will face significant pressure and may show a relatively weak trend, but the impact of overseas inventories needs to be watched out for [4] Group 3: Summary by Category 1. Important Data - **Spot**: The LME zinc spot premium was -$4.76 per ton. The SMM Shanghai zinc spot price increased by 60 yuan/ton to 22,560 yuan/ton, with a spot premium of -55 yuan/ton; the SMM Guangdong zinc spot price increased by 60 yuan/ton to 22,540 yuan/ton, with a spot premium of -75 yuan/ton; the Tianjin zinc spot price increased by 60 yuan/ton to 22,550 yuan/ton, with a spot premium of -65 yuan/ton [1] - **Futures**: On August 13, 2025, the SHFE zinc main contract opened at 22,720 yuan/ton, closed at 22,600 yuan/ton, up 55 yuan/ton from the previous trading day. The trading volume was 78,345 lots, and the open interest was 85,986 lots. The highest intraday price reached 22,775 yuan/ton, and the lowest was 22,600 yuan/ton [2] - **Inventory**: As of August 13, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 119,200 tons, a change of 6,000 tons from the previous period. The LME zinc inventory was 78,475 tons, a change of -1,075 tons from the previous trading day [3] 2. Strategy - **Single - side trading**: Cautiously bearish - **Arbitrage**: Neutral [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw Shanghai zinc experiencing a volatile downward trend, closing with a negative candlestick, increased trading volume, a reduction in long - positions, and an increase in short - positions. The market may maintain a volatile weakening trend in the short term. Technically, the price is above the long - term moving average with strong support, but short - term indicators suggest a decline in bullish power and an increase in bearish power. The recommendation is that Shanghai zinc ZN2509 will show a volatile weakening trend [22]. 3. Summary by Related Catalogs 3.1 Fundamental Analysis - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. Global zinc mine production from January to April was 4.0406 million tons, which is a bullish factor [2]. - The basis is +5 with a spot price of 22,350, indicating a neutral situation [2]. - On July 31, LME zinc inventory decreased by 4,250 tons to 104,800 tons, and SHFE zinc inventory warrants decreased by 174 tons to 15,058 tons, which is a bullish factor [2]. - The previous day, Shanghai zinc showed a volatile downward trend, closing below the 20 - day moving average, while the 20 - day moving average was upward, indicating a neutral situation [2]. - The main positions are net short, and short positions are decreasing, which is a bearish factor [2]. 3.2 Futures Exchange Market - On July 31, for the zinc futures contracts, the 2508 contract had a settlement price of 22,650, an opening price of 22,585, a high of 22,640, a low of 22,280, and a closing price of 22,355, with a decrease of 295 or 285. The trading volume was 14,662 lots, and the open interest decreased by 5,736 to 11,618 lots. Similar data are provided for other contracts such as 2509, 2510, etc. [3]. 3.3 Domestic Spot Market - On July 31, the price of zinc concentrate in Lin was 17,020 yuan/ton, down 320 yuan/ton; the price of zinc ingot was 22,350 yuan/ton, down 400 yuan/ton; the price of galvanized sheet was 4,108 yuan/ton, down 10 yuan/ton; the price of galvanized pipe was 4,498 yuan/ton, unchanged; the price of zinc alloy in Ningbo was 22,850 yuan/ton, down 380 yuan/ton; the price of zinc powder in Changsha was 27,360 yuan/ton, down 350 yuan/ton; the price of zinc oxide in Taizhou was 20,700 yuan/ton, down 300 yuan/ton; the price of secondary zinc oxide in Chenzhou was 7,694 yuan/ton, unchanged [4]. 3.4 Zinc Ingot Inventory - From July 17 to July 28, the total social inventory of zinc ingots in major Chinese markets increased from 74,200 tons to 83,600 tons. Compared with July 21, it increased by 8,100 tons; compared with July 24, it increased by 2,800 tons [5]. 3.5 Zinc Warehouse Receipts - On July 31, the total SHFE zinc warehouse receipts were 15,058 tons, a decrease of 174 tons. The warehouse receipts in Tianjin decreased by 174 tons to 11,522 tons, while other regions such as Shanghai, Guangdong, Jiangsu, and Zhejiang had relatively stable or zero - change warehouse receipt situations [6]. 3.6 LME Zinc Inventory - On July 31, the LME zinc inventory decreased by 4,250 tons to 104,800 tons [2][8]. 3.7 Zinc Ingot Smelter Prices - On July 31, the prices of 0 zinc ingots from various smelters such as Hunan Zhuzhou Smelting, Liaoning Huludao Zinc Industry, etc., all decreased by 380 yuan/ton [14]. 3.8 Refined Zinc Production - In June 2025, the planned production of refined zinc was 459,700 tons, and the actual production was 471,800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production for July is 470,300 tons [16]. 3.9 Zinc Concentrate Processing Fees - On July 31, zinc concentrate processing fees in different regions varied. For example, in some regions with a 50% grade, the processing fees ranged from 3,400 - 4,000 yuan/metal ton, and the imported 48% grade had a processing fee of 70 US dollars/dry ton [18]. 3.10 Futures Company Trading and Position Ranking - For the zinc contract zn2509 on July 31, in terms of trading volume, the top three futures companies were Guotai Junan, CITIC Futures, and Dongzheng Futures. In terms of long - positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of short - positions, the top three were CITIC Futures, Guotai Junan, and Yong'an Futures [20].