Report Information - Report Name: Zinc Futures Daily Report [1] - Date: November 19, 2025 [2] Industry Investment Rating - Not provided Core Views - Macro cooling and continuous LME zinc warehousing led to a downward shift in the center of LME zinc. On the 18th, LME inventory increased by 3,550 tons to 39,975 tons, with warehousing in Singapore, Kaohsiung, and Hong Kong. The low - inventory concern eased, the Cash - 3M Back structure dropped to 104.97, and the SHFE/LME ratio recovered to 7.5. The domestic non - ferrous market continued to correct, and SHFE zinc broke below the middle Bollinger Band. The main contract closed at 22,310 yuan/ton, down 130 yuan or 0.58%. The 12 - 01 spread was - 20 yuan/ton [7]. - The intraday market weakened compared to the previous day, but the spot premium increased. The Shanghai market had a premium of 180 yuan/ton over the December contract, the Tianjin market reported a discount of 50 yuan/ton compared to the Shanghai market, and the Guangdong market reported a discount of 70 yuan/ton to the January 2026 contract. Some zinc ingot exports led to a significant decrease in inventory, and domestic social inventory decreased slightly [7]. - With the reduction of northern mines in China and the concentrated release of smelters' winter stockpiling demand, the supply of domestic zinc ore was tight. The panic buying by smelters pushed down the processing fees. SMM estimated that the refined zinc output in November might decline slightly month - on - month. The tightening of the ore end was transmitted to the ingot end, providing support for zinc prices. In the short term, zinc prices were expected to fluctuate in the range of 22,200 - 22,800 yuan/ton, and the current price was at the lower end of the range. Attention should be paid to the support at 22,200 yuan [7]. Section Summaries 1. Market Review - Futures market data: For SHFE zinc 2512, the opening price was 22,460 yuan/ton, the closing price was 22,310 yuan/ton, the highest was 22,465 yuan/ton, the lowest was 22,265 yuan/ton, down 130 yuan or 0.58%, with a position of 82,326 and a position change of 76,806. For SHFE zinc 2601, the opening price was 22,495 yuan/ton, the closing price was 22,330 yuan/ton, the highest was 22,495 yuan/ton, the lowest was 22,295 yuan/ton, down 145 yuan or 0.65%, with a position of 82,373 and a position change of - 9,077. For SHFE zinc 2602, the opening price was 22,540 yuan/ton, the closing price was 22,345 yuan/ton, the highest was 22,540 yuan/ton, the lowest was 22,305 yuan/ton, down 165 yuan or 0.73%, with a position of 29,010 and a position change of - 49,321 [7]. 2. Industry News - On November 18, 2025, the mainstream transaction price of 0 zinc was concentrated in the range of 22,435 - 22,555 yuan/ton, double - swallow brand in the range of 22,455 - 22,575 yuan/ton, and 1 zinc in the range of 22,365 - 22,485 yuan/ton. In the morning, the market quoted a premium of 150 - 160 yuan/ton over the SMM average price, and there were few quotes against the market [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,435 - 22,475 yuan/ton. The regular brands in Ningbo quoted a premium of 100 yuan/ton to the 2512 contract and a premium of 80 yuan/ton to the Shanghai spot. The mainstream in the Ningbo area quoted against the 2512 contract. In the first period, the pre - sale of Qilin brand quoted a delivered premium of 180 yuan/ton to the 2512 contract [8]. - In the Tianjin market, 0 zinc ingots were mainly traded in the range of 22,240 - 22,430 yuan/ton, Zijin brand in the range of 22,470 - 22,560 yuan/ton, and 1 zinc ingots around 22,170 - 22,270 yuan/ton. The Huludao brand was quoted at 23,320 yuan/ton. The common 0 zinc quoted a discount of 50 to a premium of 50 yuan/ton to the 2512 contract, and Zijin brand quoted a premium of 180 yuan/ton to the 2512 contract. The Tianjin market reported a discount of about 50 yuan/ton compared to the Shanghai market [8]. - In the Guangdong market, 0 zinc was mainly traded in the range of 22,215 - 22,350 yuan/ton. The mainstream brands quoted a discount of 70 - 25 yuan/ton to the 2601 contract and a discount of 50 yuan/ton to the Shanghai spot. The price difference between Shanghai and Guangdong widened. In the first period, holders of Qilin, Mengzi, Danxia, Anning, and Lanxing brands quoted a discount of 70 - 25 yuan/ton. In the second period, Qilin, Mengzi, Anning, and Lanxing brands quoted a discount of 70 - 35 yuan/ton to the net price [8]. 3. Data Overview - The report presented figures such as the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE month - to - month spreads, with data sources including Wind and SMM [12][14]

Group 1: Report Industry Investment Rating - Unilateral: Cautiously bullish; Arbitrage: Neutral [6] Group 2: Report's Core View - Zinc prices have declined, and there is restocking behavior in the spot market, but social inventories are increasing and are about to exceed the levels of the past five years. Spot liquidity has improved, but procurement remains cautious. The TC of domestic and imported ores continues to rise, leading to higher smelting profits and sustained smelting enthusiasm. The supply is expected to increase, and the pressure on the supply side continues to emerge. Even during the peak consumption season, the domestic inventory accumulation is expected, and the current inventory accumulation is accelerating. If the peak consumption season expectations are disappointed, zinc prices will face significant pressure and may show a relatively weak trend, but the impact of overseas inventories needs attention [5] Group 3: Summary by Related Catalogs Important Data - **Spot**: LME zinc spot premium is $175.85/ton. SMM Shanghai zinc spot price is 22,400 yuan/ton, down 90 yuan/ton from the previous trading day, with a premium of -10 yuan/ton; SMM Guangdong zinc spot price is 22,360 yuan/ton, down 100 yuan/ton, with a premium of -50 yuan/ton; Tianjin zinc spot price is 22,360 yuan/ton, down 90 yuan/ton, with a premium of -50 yuan/ton [2] - **Futures**: On November 17, 2025, the SHFE zinc main contract opened at 22,460 yuan/ton, closed at 22,465 yuan/ton, down 75 yuan/ton. The trading volume was 94,668 lots, and the open interest was 91,450 lots. The highest price was 22,495 yuan/ton, and the lowest was 22,385 yuan/ton [3] - **Inventory**: As of November 17, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 156,600 tons, down 1,300 tons from the previous period. As of the same date, LME zinc inventory was 39,975 tons, up 1,000 tons from the previous trading day [4] Market Analysis - Zinc prices have dropped, and there is restocking in the spot market, but social inventories are rising and approaching the five - year average. Spot liquidity has improved, but procurement is still cautious. The TC of domestic and imported ores is rising, smelting profits are increasing, and smelting enthusiasm remains high. The supply is expected to increase, and the pressure on the supply side is obvious. Even during the peak consumption season, domestic inventory accumulation is expected, and the current inventory build - up is accelerating. If the peak consumption season expectations are not met, zinc prices will face great pressure and may be relatively weak, but the impact of overseas inventories needs to be considered [5] Strategy - Unilateral: Cautiously bullish; Arbitrage: Neutral [6]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 13, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided in the report Core View - The zinc price is supported by the temporary tightening of the ore end and exports but is restricted by weak consumption. In the short term, it will fluctuate within the upper - middle track of the Bollinger Bands [7]. Summary by Directory 1. Market Review - **Futures Market Data**: For different delivery months of SHFE zinc (2511, 2512, 2601), prices decreased slightly. The main contract 2512 closed at 22,680 yuan/ton, down 40 yuan with a 0.18% decline. The trading volume decreased while the open interest increased by 528 lots to 113,005 lots [7]. - **LME Inventory**: As of November 11, LME zinc inventory was 35,300 tons, an increase of 1,475 tons from the beginning of the month. The Cash - 3M spread dropped to 117.04B, and the supply shortage eased [7]. - **Domestic Zinc Mine**: Northern domestic mines have seasonal production cuts, and some mines control production actively after completing their annual plans. The domestic zinc concentrate TC has weakened month - on - month, squeezing smelting profits, but the sulfuric acid price is still rising [7]. - **Consumption and Inventory**: The peak consumption season is ending, and environmental protection warnings are frequent, so consumption is hard to boost. The export window is open, increasing zinc exports, and domestic social inventory has dropped below 160,000 tons [7]. 2. Industry News - **Zinc Transaction Prices**: On November 12, 2025, the mainstream transaction prices of 0 zinc were 22,690 - 22,755 yuan/ton, and different brands had different transaction price ranges and premium/discount situations in different markets such as Shanghai, Ningbo, Tianjin, and Guangdong [8] 3. Data Overview - **Data Charts**: The report includes 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 [11][13]

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年11月11日 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：世界金属统计局（WBMS）公布的最新报告显示，2025年8月，全 球锌板产量为115.07万吨，消费量为117.17万吨，供应短缺2.1万吨。2025 年1-8月，全球锌板产量为908.85万吨，消费量为936.98万吨，供应短缺 28.13万吨。2025年8月，全球锌矿产量为106.96万吨。2025年1-8月，全球 锌矿产量为844.57万吨；偏多。 2、基差：现货22690，基差+20；中性。 4、盘面：昨日沪锌震荡回落走势，收20日均线之上,20日均线向上；偏多。 5、主力持仓：主力净空头，空增；偏空。 6、预期：LME库存仓单保持低位；上期所仓单保持高位；沪锌ZN251 ...

Report Industry Investment Rating - No information provided in the report Core Viewpoints - The short - term market of Shanghai Zinc ZN2510 is expected to fluctuate and consolidate. The previous trading day saw a decline in Shanghai Zinc with shrinking trading volume. Long - positions slightly increased while short - positions slightly decreased. Technically, the price is above the 60 - day moving average with weak support, short - term indicators are in a weak zone, and the trend shows a stalemate between long and short forces [2][20]. Summary by Related Catalogs 1. Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a shortage of 56500 tons. The global zinc ore production from January to April was 4040600 tons [2]. 2. Basis - The spot price of zinc is 22260, with a basis of + 20, showing a neutral situation [2]. 3. Inventory - On August 21, LME zinc inventory decreased by 1875 tons to 69375 tons compared to the previous day, and the SHFE zinc inventory warrants remained unchanged at 32288 tons [2]. - From August 11 to August 21, the total social inventory of zinc ingots in major Chinese markets increased from 99000 tons to 117400 tons [5]. 4. Futures Market Quotes - On August 21, the trading volume of zinc futures contracts was 138079 lots, with a total turnover of 1538613560 yuan, and the total open interest was 214223 lots, a decrease of 1927 lots [3]. 5. Spot Market Quotes - On August 21, the price of zinc concentrate was 16950 yuan/ton (+ 30), zinc ingot was 22260 yuan/ton (+ 40), galvanized sheet was 4090 yuan/ton (- 4), galvanized pipe was 4490 yuan/ton (- 5), zinc alloy was 22780 yuan/ton (+ 60), zinc powder was 27340 yuan/ton (+ 60), zinc oxide was 20850 yuan/ton (unchanged), and secondary zinc oxide was 7726 yuan/ton (- 12) [4]. 6. Zinc Ingot Production - In June 2025, the production of refined zinc was 471800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The planned production for July is 470300 tons [16]. 7. Zinc Concentrate Processing Fees - On August 21, the average processing fee for 50% grade zinc concentrate in different regions ranged from 3500 to 4000 yuan/metal ton, with some regions having no change [18]. 8. Futures Company Transaction and Position Ranking - For the zinc contract zn2510 on August 21, the total trading volume of 20 futures companies was 134383 lots, a decrease of 35721 lots compared to the previous day. The total long - position was 70832 lots, an increase of 272 lots, and the total short - position was 76267 lots, a decrease of 483 lots [19].

Report Summary 1. Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View - Zinc prices have declined, and the demand in the spot market has not improved significantly, with mainly rigid - demand procurement. The cost of imported ore TC is rising, and the smelting profit is increasing, leading to an expected increase in supply. Although the downstream consumption shows some resilience, it cannot offset the high growth on the supply side, resulting in a continuous increase in social inventories. After the market sentiment fades, zinc prices are expected to return to the fundamental logic, and due to the consumption off - season and supply pressure, zinc prices face significant pressure [4]. 3. Summary by Related Contents 3.1 Important Data - **Spot**: The LME zinc spot premium is - 1.96 dollars/ton. The SMM Shanghai zinc spot price dropped 120 yuan/ton to 22650 yuan/ton, and its premium rose 35 yuan/ton to - 45 yuan/ton. The SMM Guangdong zinc spot price fell 160 yuan/ton to 22600 yuan/ton, and its premium decreased 5 yuan/ton to - 95 yuan/ton. The SMM Tianjin zinc spot price declined 120 yuan/ton to 22600 yuan/ton, and its premium increased 35 yuan/ton to - 95 yuan/ton [2]. - **Futures**: On July 28, 2025, the SHFE zinc main contract opened at 22905 yuan/ton, closed at 22645 yuan/ton, down 200 yuan/ton from the previous trading day. The trading volume was 193107 lots, an increase of 41021 lots, and the position was 124461 lots, a decrease of 4767 lots. The highest price reached 22965 yuan/ton, and the lowest was 22575 yuan/ton [2]. - **Inventory**: As of July 28, 2025, the total SMM seven - region zinc ingot inventory was 103700 tons, an increase of 11000 tons from last week. The LME zinc inventory was 115500 tons, a decrease of 275 tons from the previous trading day [3]. 3.2 Market Analysis - **Cost**: The new - month tender price of domestic ore has not been determined, while the imported ore TC is still rising, with the highest offer reaching 85 dollars/ton, and the smelting profit is increasing. The smelting plants have sufficient raw material reserves and low enthusiasm for ore procurement, so the TC is expected to continue rising [4]. - **Supply and Demand**: The downstream consumption shows some resilience, but the high growth on the supply side leads to an increase in social inventories, and this trend is expected to continue in the second half of the year. Considering the consumption off - season and supply pressure, zinc prices face significant pressure [4]. 3.3 Strategy - **Unilateral**: Cautiously bearish [5]. - **Arbitrage**: Neutral [5].

Core Viewpoint - Zinc prices have continued to rise, with the Shanghai zinc index increasing by 0.62% to 22,676 yuan/ton, while the London zinc price rose by 18.5 to 2,684.5 USD/ton, indicating a bullish trend in the market [1] Price and Inventory Summary - The average price of SMM 0 zinc ingots is 23,180 yuan/ton, with various regional basis prices reported: Shanghai at 175 yuan/ton, Tianjin at 255 yuan/ton, and Guangdong at 430 yuan/ton [1] - The Shanghai Futures Exchange recorded zinc ingot inventory at 0.32 thousand tons, while domestic social inventory slightly decreased to 85.8 thousand tons [1] - LME zinc ingot inventory stands at 182.3 thousand tons, with 31.7 thousand tons in canceled warrants [1] Market Dynamics - The domestic zinc concentrate treatment charge (TC) is 3,450 yuan/metal ton, while the import TC is 40 USD/dry ton [1] - Zinc concentrate port inventory is at 287 thousand physical tons, and factory inventory is at 596 thousand physical tons [1] - The operating rate for galvanized structural components is 62.44%, with raw material inventory at 16 thousand tons and finished product inventory at 388 thousand tons [1] Future Outlook - Zinc mine inventory is increasing, and treatment charges are on the rise, maintaining expectations of oversupply in the zinc concentrate market [1] - Zinc ingot inventory is decreasing, with monthly differentials remaining high, indicating relative strength in the near term [1] - However, it is anticipated that downstream purchasing will gradually weaken after the peak seasons, coupled with pressure from imported zinc ingots, leading to potential accumulation of social inventory and downward risks for zinc prices [1]