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建信期货锌期货日报-20250730
Jian Xin Qi Huo· 2025-07-30 01:53
Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 30, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - The commodity market sentiment declined. The main contract of SHFE zinc closed at 22,655 yuan/ton, down 80 yuan or 0.35%. The total long and short positions of the top 20 seats both decreased, and the net long positions decreased by 3,447 lots. [7] - The processing fee continued to rise. The imported zinc concentrate index rose to $76.25 per dry ton, and the weekly processing fee of domestic Zn50 zinc concentrate remained flat at 3,800 yuan/ton. With the profits from sulfuric acid and minor metals at a high level year-on-year, enterprises' production enthusiasm was high, and some new zinc ingot production capacities were gradually released. The overall zinc ingot supply remained strong. [7] - In the second half of the year, infrastructure investment may increase the demand for zinc. However, the short-term operating rates of galvanizing and die-casting zinc remained at a low level compared to the same period, and downstream buyers were cautious due to high prices. [7] - The inventory performance was divided between domestic and overseas markets. The domestic social inventory increased by 0.54 million tons to 10.37 million tons, while the LME zinc inventory continued to decrease by 3,350 tons to 112,150 tons. The 0 - 3 spread was 1.95C, and the cancelled warrant ratio was 48.64%. [7] - The spot premium remained basically stable. The Shanghai market had a premium of 80 yuan/ton over the 08 contract, the Tianjin market was at a discount of 40 yuan/ton compared to the Shanghai market, and the Guangdong market was at a discount of 80 yuan/ton compared to the 09 contract and 40 yuan/ton compared to the Shanghai market. The price difference between Shanghai and Guangdong narrowed. [7] - The zinc concentrate supply remained loose, and the surplus pressure during the off - season of demand was gradually reflected in the inventory. Although the short - term sentiment declined, the anti - involution was not over, and SHFE zinc oscillated weakly. [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: - SHFE zinc 2508 opened at 22,630 yuan/ton, closed at 22,610 yuan/ton, with a high of 22,690 yuan/ton, a low of 22,555 yuan/ton, down 70 yuan or 0.31%. The open interest was 20,462 lots, a decrease of 5,070 lots. [7] - SHFE zinc 2509 opened at 22,645 yuan/ton, closed at 22,655 yuan/ton, with a high of 22,725 yuan/ton, a low of 22,580 yuan/ton, down 80 yuan or 0.35%. The open interest was 117,616 lots, a decrease of 6,845 lots. [7] - SHFE zinc 2510 opened at 22,665 yuan/ton, closed at 22,675 yuan/ton, with a high of 22,735 yuan/ton, a low of 22,585 yuan/ton, down 65 yuan or 0.29%. The open interest was 54,037 lots, an increase of 3,567 lots. [7] - **Supply and Demand**: The supply of zinc ingots was strong, and the demand was weak in the short term. The inventory performance was divided between domestic and overseas markets. [7] - **Spot Market**: The spot premium remained stable, and the price difference between regions changed. [7] 2. Industry News - **Shanghai Market**: On July 29, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,650 - 22,785 yuan/ton, and the double - swallow brand was traded between 22,730 - 22,855 yuan/ton. The 1 zinc was traded between 22,580 - 22,715 yuan/ton. [8] - **Ningbo Market**: The mainstream transaction price of 0 zinc was around 22,590 - 22,705 yuan/ton. The local brands had a premium of 5 yuan/ton over the 2508 contract and a premium of 10 yuan/ton over the Shanghai spot price. [8] - **Tianjin Market**: The 0 zinc was traded between 22,510 - 22,660 yuan/ton, and the 1 zinc was traded around 22,430 - 22,560 yuan/ton. The Huludao brand was priced at 23,120 yuan/ton. [8][9] - **Guangdong Market**: The mainstream transaction price of 0 zinc was between 22,470 - 22,655 yuan/ton. The mainstream brands were at a discount of 80 yuan/ton compared to the 2509 contract and a discount of 40 yuan/ton compared to the Shanghai spot price. The price difference between Shanghai and Guangdong narrowed. [9] 3. Data Overview - The report provided figures on the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, but specific data descriptions were not detailed in the text. [11][13]
建信期货锌期货日报-20250530
Jian Xin Qi Huo· 2025-05-30 02:08
Report Information - Report Title: Zinc Futures Daily Report [1] - Date: May 30, 2025 [2] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Short - term, SHFE zinc fluctuates within the middle and lower Bollinger Bands; medium - term, there is still an expected increase in the mine end, the supply - demand pattern remains loose, and it should be treated with a short - allocation strategy [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2506, the opening price was 22,570 yuan/ton, the closing price was 22,780 yuan/ton, up 160 yuan (0.71%), with a position of 20,306 lots, a decrease of 5,297 lots. For SHFE zinc 2507 (the main contract), the opening price was 22,300 yuan/ton, the closing price was 22,495 yuan/ton, up 135 yuan (0.60%), with a position of 119,380 lots, a decrease of 3,627 lots. For SHFE zinc 2508, the opening price was 22,090 yuan/ton, the closing price was 22,265 yuan/ton, up 95 yuan (0.43%), with a position of 58,588 lots, an increase of 5,986 lots [7] - **Market Performance**: SHFE zinc had a narrow - range shock and turned positive in the afternoon. The near - month spread narrowed by 5 to 285. Both domestic and foreign inventories continued to decline. LME zinc inventories decreased by over 10,000 tons during the week to 141,000 tons, and the 0 - 3 spread was C20. Domestic social inventories decreased by 0.46 million tons to 75,000 tons. Before the holiday, stockpiling was basically completed, and spot premiums in three regions remained stable [7] 2. Industry News - **Shanghai Market**: On May 29, 2025, the mainstream transaction price of 0 zinc was 22,865 - 22,970 yuan/ton, and the second - trading - session ordinary domestic zinc was at a premium of 270 yuan/ton to the 2506 contract [8] - **Ningbo Market**: The mainstream brand 0 zinc was traded at 22,875 - 22,980 yuan/ton, with a premium of 270 yuan/ton to the 2506 contract and 90 yuan/ton to Shanghai spot [8] - **Tianjin Market**: The 0 zinc ingot was mainly traded at 22,790 - 22,930 yuan/ton, with a premium of 200 - 230 yuan/ton to the 2506 contract [8][9] - **Guangdong Market**: The 0 zinc was mainly traded at 22,790 - 22,965 yuan/ton, with a premium of 445 yuan/ton to the 2507 contract. The spread between Shanghai and Guangdong narrowed [9] 3. Data Overview - Not provided in detail in the given content, only mentions related data charts such as SMM's seven - region zinc ingot weekly inventory and LME zinc inventory [12]
沪锌期货早报-20250527
Da Yue Qi Huo· 2025-05-27 02:15
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai zinc futures are expected to consolidate in the short - term, with the contract ZN2507 showing a sideways movement [2][20]. 3. Summary by Related Catalogs Fundamental Analysis - In March 2025, global zinc sheet production was 1.0874 million tons, consumption was 1.1335 million tons, resulting in a supply shortage of 46,000 tons. From January to March, production was 3.2831 million tons, consumption was 3.3848 million tons, with a supply shortage of 101,600 tons. In March, global zinc ore production was 1.0078 million tons, and from January to March, it was 2.9611 million tons, presenting a bullish signal [2]. - The basis of spot zinc was +445 (spot price 22,630), indicating a bullish situation [2]. - On May 23, LME zinc inventory decreased by 2,725 tons to 153,500 tons. On May 26, SHFE zinc inventory warrants remained unchanged at 1,774 tons, showing a neutral stance [2]. - The previous day, Shanghai zinc showed a sideways movement, closing below the 20 - day moving average which was trending downwards, suggesting a bearish signal [2]. - The net position of the main players was short, with short positions decreasing, also indicating a bearish outlook [2]. Futures Market Quotes - On May 26, the trading volume of zinc futures contracts on the futures exchange totaled 220,925 lots, with a total turnover of 24.5308783 billion yuan. The open interest was 228,230 lots, an increase of 980 lots [3]. Spot Market Quotes - On May 26, in the domestic main spot markets, the price of zinc concentrate in Linzhou was 17,440 yuan/ton, down 90 yuan/ton; zinc ingot in Shanghai was 22,630 yuan/ton, down 110 yuan/ton; galvanized sheet in China was 3,979 yuan/ton, down 24 yuan/ton; galvanized pipe in China was 4,373 yuan/ton, down 18 yuan/ton; zinc alloy in Ningbo was 23,120 yuan/ton, down 235 yuan/ton; zinc powder in Changsha was 27,490 yuan/ton, down 100 yuan/ton; zinc oxide in Taizhou was 21,000 yuan/ton, unchanged; and secondary zinc oxide in Linzhou was 7,831 yuan/ton, up 231 yuan/ton [4]. Inventory Statistics - From April 30 to May 26, 2025, the total social inventory of zinc ingots in China's main markets decreased from 632,000 tons to 685,000 tons. Compared with the previous Thursday, it decreased by 31,000 tons, and compared with the previous Monday, it decreased by 72,000 tons [5]. - On May 26, the total SHFE zinc warrants were 1,774 tons, unchanged from the previous day [6]. - On May 23, LME zinc inventory decreased by 2,725 tons to 153,500 tons, with registered warrants of 80,175 tons and cancelled warrants of 73,325 tons, accounting for 47.77% [8]. Production Statistics - In April 2025, the planned production of refined zinc was 454,800 tons, and the actual production was 450,400 tons, a month - on - month increase of 2.18%, a year - on - year decrease of 0.20%, and a 0.97% shortfall compared to the plan. The capacity utilization rate was 83.15%. The planned production for May was 444,100 tons [15]. Processing Fee Quotes - On May 26, zinc concentrate processing fees in various regions remained stable, with the average price in different regions ranging from 3,300 to 3,600 yuan/metal ton, and the import processing fee for 48% grade was 40 US dollars/dry ton [17]. Futures Company Transaction and Position Ranking - On May 26, for the zinc futures contract zn2507, the top three futures companies in terms of trading volume were CITIC Futures (46,687 lots, an increase of 11,174 lots), Guotai Junan (37,673 lots, an increase of 4,115 lots), and Dongzheng Futures (28,757 lots, an increase of 3,608 lots). In terms of long positions, the top three were CITIC Futures (12,541 lots, an increase of 624 lots), Guotai Junan (8,651 lots, an increase of 27 lots), and Jianxin Futures (5,522 lots, a decrease of 28 lots). In terms of short positions, the top three were Guotai Junan (9,705 lots, an increase of 710 lots), Yong'an Futures (9,098 lots, a decrease of 230 lots), and CITIC Futures (8,925 lots, an increase of 21 lots) [18].