交易咨询业务资格：证监许可【2012】1091号 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10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 沪锌期货早报-2025年12月22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 2、基差：现货23310，基差+250；偏多。 3、库存：12月19日LME锌库存较上日增加500吨至99900吨，12月19日上期所 锌库存仓单较上日减少771吨至45178吨；中性。 4、盘面：昨日沪锌震荡上涨走势，收20日 ...

沪锌期货早报-2025年12月03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。 交易咨询业务资格：证监许可【2012】1091号 指标体系 沪锌: 1、基本面：外媒10月19日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年9月，全球精炼锌产量为119.35万吨,消费量为122.92万吨,供应 短缺3.57万吨.1-9月,全球锌板产量为1036.32万吨,消费量为1073.69万吨, 供应短缺37.37万吨.9月份,全球锌矿产量为116.33万吨.1-9月,全球锌矿产 量为996.47万吨；偏多。 2、基差：现货22850，基差+105；中性。 3、库存：12月2日LME锌库存较上日增加350吨至52375吨，12月2日上期所锌 库存仓单较上日减少1974至63804吨；中性。 4、盘面：昨日沪锌震荡上涨走势，收20日均线 ...

Group 1: Industry Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The short - term view is that the previous trading day saw the Shanghai zinc futures show an oscillating upward trend, closing with a positive line, increasing trading volume, with long - positions increasing and short - positions decreasing. The market is expected to oscillate and strengthen in the short term. It is recommended that the Shanghai zinc ZN2509 will oscillate and strengthen [21]. Group 3: Summary by Relevant Content 1. Fundamental Information - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a surplus of 22,700 tons. From January to April, production was 4.4514 million tons, consumption was 4.5079 million tons, with a shortage of 56,500 tons. From January to April, global zinc ore production was 4.0406 million tons, which is bullish [2]. - The basis of spot zinc is 22,790, with a basis of - 155, which is bearish [2]. - On July 22, LME zinc inventory decreased by 1,625 tons to 116,600 tons, and SHFE zinc inventory warrants increased by 1,002 tons to 12,090 tons, which is neutral [2]. - The previous trading day, Shanghai zinc showed an oscillating upward trend, closing above the 20 - day moving average, with the 20 - day moving average upward, which is bullish [2]. - The main net position is long, but long positions are decreasing, which is bullish [2]. 2. Futures Exchange Zinc Futures Quotes (July 22) - For different delivery months (from 2508 to 2607), details such as opening price, high price, low price, closing price, change, trading volume, trading value, and open interest change are provided. For example, for the 2509 contract, the opening price was 22,880, the high was 22,985, the low was 22,760, the closing price was 22,945, with an increase of 160 compared to the previous settlement price, and the trading volume was 184,578 lots [3]. 3. Domestic Main Spot Market Quotes (July 22) - The prices and price changes of zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, galvanized pipe, zinc alloy, zinc powder, zinc oxide, and secondary zinc oxide are presented. For example, the price of zinc concentrate was 17,370 yuan/ton, down 30 yuan/ton; the price of zinc ingot was 22,790 yuan/ton, down 40 yuan/ton [4]. 4. National Main Market Zinc Ingot Inventory Statistics (July 10 - July 21) - The inventory data of zinc ingots in Shanghai, Guangdong, Tianjin, Shandong, Zhejiang, and Jiangsu are provided. The total inventory on July 21 was 755,000 tons, an increase of 13,000 tons compared to July 14 and July 17 [5]. 5. Futures Exchange Zinc Warrant Report (July 22) - The zinc warrants in different regions (Shanghai, Guangdong, Jiangsu, Zhejiang, Tianjin) and warehouses are reported. The total zinc warrants on that day were 12,090 tons, an increase of 1,002 tons [7]. 6. LME Zinc Inventory Distribution (July 22) - The inventory in Singapore and other places is reported. The total inventory was 116,600 tons, a decrease of 1,625 tons compared to the previous day [8]. 7. National Main City Zinc Concentrate Price Summary (July 22) - The prices and price changes of 50% grade zinc concentrate in different regions (Jiyuan, Kunming, Hechi, etc.) are provided. Most regions saw a price decrease of 30 yuan/ton [9]. 8. National Market Zinc Ingot Smelter Price Quotes (July 22) - The price information of 0 zinc ingots from different manufacturers (such as Liaoning Huludao Zinc Industry, Guangdong Zhongjin Lingnan, etc.) is provided, with a price decrease of 40 yuan/ton for all [13]. 9. 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 planned production in July is 470,300 tons [16]. 10. July 21 Zinc Concentrate Processing Fee Quotes - The processing fees for 50% grade zinc concentrate in different domestic regions and 48% grade imported zinc concentrate are provided. For example, the processing fee for 50% grade zinc concentrate in Hilt Hall ranges from 3,700 to 3,900 yuan/metal ton, and the imported 48% grade zinc concentrate ranges from 60 to 80 US dollars/dry ton [18]. 11. July 22 Shanghai Futures Exchange Member Zinc Trading and Position Ranking - For the zn2509 contract, the trading volume, long - position volume, and short - position volume of different futures companies, as well as their changes compared to the previous trading day, are provided. The total trading volume decreased by 72,372 lots, the total long - position volume increased by 3,165 lots, and the total short - position volume decreased by 1,688 lots [19].

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 沪锌期货早报-2025年6月25日 6、预期：LME库存仓单继续减少；上期所仓单也开始下降；沪锌ZN2508： 震荡走强。 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5月21日消息:世界金属统计局( WBMS )公布的最新数据报 告显示, 2025年3月，全球锌板产量为108.74万吨,消费量为113.35万吨， 供应短缺4.6万吨。1-3月,全球锌板产量为328.31万吨,消费量为338.48万 吨,供应短缺10.16万吨。3月,全球锌矿产量为100.78万吨。1-3月，全球锌 矿产量为296.11万吨；偏多。 2、基差：现货22170，基差+250；偏多。 3、库存：6月24日LME锌库存较上日减少2450吨至123450吨，6月24日上期 所锌库存 ...