Report Information - Report Name: Zinc Futures Daily Report [1] - Date: September 24, 2025 [2] Industry Investment Rating - No relevant information provided. Core Viewpoints - The domestic base metals all declined. The main contract of SHFE zinc, ZN2511, closed at 21,845 yuan/ton, down 150 yuan or 0.68%, with increased trading volume and decreased open interest. The LME zinc inventory decreased by 1,050 tons to 45,775 tons, and the high overseas spot premium and soft squeeze supported the zinc price. The domestic processing fee has limited upward momentum, and the SMM monthly domestic TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 dollars/dry ton to 98.25 dollars/dry ton. The price of by - product sulfuric acid has stabilized and declined. Although the comprehensive profit has shrunk, it is still at a relatively high level. In September, due to more smelter overhauls and supply shortages in some secondary zinc enterprises, the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons, and the supply side remains generally loose. On the demand side, the operating rates of galvanizing and zinc oxide have increased slightly, but the overall consumption in the peak season is not ideal. The operating rate in the primary consumption field has increased month - on - month but is weaker than the same period last year. The social inventory decreased slightly on Monday. There is still some bargain - hunting replenishment when the zinc price falls, but the previous price fixing is basically completed, and the increase in the spot premium is limited. The zinc price is expected to fluctuate between 21,800 - 22,500 yuan [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, as well as the changes in prices and open interest of different SHFE zinc contracts (ZN2510, ZN2511, ZN2512) are presented. For example, ZN2511 opened at 22,080 yuan/ton, closed at 21,845 yuan/ton, down 150 yuan or 0.68%, and the open interest increased by 9,947 lots to 140,372 lots [7]. - **Inventory and Premium**: The LME zinc inventory decreased by 1,050 tons to 45,775 tons, and the overseas spot premium is high (0 - 3B45.99). The domestic processing fee has limited upward momentum, and the SMM monthly domestic TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 dollars/dry ton to 98.25 dollars/dry ton [7]. - **Supply and Demand**: In September, due to more smelter overhauls and supply shortages in some secondary zinc enterprises, the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons. On the demand side, the operating rates of galvanizing and zinc oxide have increased slightly, but the overall consumption in the peak season is not ideal. The social inventory decreased slightly on Monday [7]. 2. Industry News - **Price and Premium in Different Markets**: On September 23, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands like Shuangyan in different markets (Shanghai, Ningbo, Tianjin, Guangdong) are provided, along with the premiums or discounts of different brands against relevant contracts in different trading periods [8][9]. 3. Data Overview - **Data Sources**: The data in the report are from Wind and the Research and Development Department of CCB Futures, including the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE month - to - month spreads [12][17].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 11, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Report Content 1. Market Review - **Futures Market Performance**: The Shanghai zinc futures continued to decline. For example, the contract 2507 opened at 21,945 yuan/ton, closed at 21,845 yuan/ton, down 280 yuan or 1.27%. The low point reached 21,760 yuan/ton. The short - position holders took profits, and the open interest decreased by 647 lots to 135,071 lots. The net short position of the top 20 seats decreased by 2,060 lots [7]. - **Inventory and Premium**: The LME zinc inventory decreased by 1,050 lots to 134,550 tons. The 0 - 3 spread was C35.03, and the Shanghai - LME ratio was 8.39. The spot import loss was - 419.88 yuan/ton. The downstream replenished at low prices, and the spot premiums in three regions remained stable. The premiums in Shanghai and Tianjin for the 07 contract were 380 and 330 respectively, and that in Guangdong was 285. The Shanghai - Guangdong spread narrowed [7]. - **Fundamentals**: The expectation of a loose zinc ore supply remained unchanged. The imported zinc ore TC was flat at $45/ton, and the domestic TC increased by 100 to 3,600 yuan/ton. The overall profit improved. In May, unexpected maintenance increased, dragging down the refined zinc output. In June, the output increased month - on - month. The supply increased marginally, putting pressure on the upside. The demand entered the off - season, with poor order follow - up from downstream enterprises. The finished product inventory was on the rise, and the social inventory increased to over 80,000 tons. The Shanghai zinc was still in a weak operation, although the downward momentum on the hourly chart weakened [7]. 2. Industry News - **Price and Premium in Different Regions**: On June 10, 2025, the mainstream transaction prices of 0 zinc were in the range of 22,165 - 22,320 yuan/ton, and for 1 zinc, it was 22,095 - 22,250 yuan/ton. In different markets, the premiums for different brands and contracts varied. For example, in Shanghai, the common domestic brands offered premiums of 360 - 380 yuan/ton for the 2507 contract; in Ningbo, the mainstream brands offered a premium of 295 yuan/ton for the 2507 contract; in Tianjin, the 0 zinc offered premiums of 24 - 300 yuan/ton for the 2507 contract; in Guangdong, the mainstream brands offered a premium of 285 yuan/ton for the 2507 contract, and the Shanghai - Guangdong spread narrowed [8][9]. 3. Data Overview - **Data Charts**: The report presented charts including 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 from Wind, SMM, and the research and development department of Jianxin Futures [10][11]