1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2026, zinc prices may decline first and then rise. Pay attention to the start of the resonance of internal and external restocking under the reversal of expectations. The supply - side contradiction will continue to dominate the price, and the expansion of consumption space determines the upper limit of the price. [2][107] - The zinc ore market is approaching the end of the expansion cycle, and production disturbances are increasing. The incremental space of zinc ore is relatively limited, and the tight balance of zinc ore may become the norm, which means continuous pressure on TC. The upward space of TC in 2026 may be lower than that in 2025, and zinc prices have the elasticity to rise. [2][107] - The annual operating range of LME zinc is expected to be $2800 - 3400 per ton, and that of SHFE zinc is expected to be 21,000 - 25,000 yuan per ton. [2][107] 3. Summary According to Relevant Catalogs 3.1 2025 Review - In 2025, the market had a consistent expectation of zinc element surplus. At the beginning of the year, due to winter stockpiling and mine production increase expectations, processing fees rose, leading to an increase in smelter production expectations and a decline in zinc prices. In February - March, zinc prices fluctuated narrowly due to weak supply - demand. [8] - In the second quarter, zinc prices fell again due to unexpected US tariffs. After mid - April, prices gradually returned to fundamental pricing, and downstream buying interest was stimulated. In May, domestic smelter overhauls followed one after another, and prices were in a tangled consolidation. [9] - In the third quarter, global zinc ore production increased, and domestic refined zinc production continued to expand. However, the restart of the Fed's interest - rate cut and domestic economic policies provided support for zinc prices, which entered a sideways shock. Overseas smelters had difficulties in increasing production, and LME inventories continued to decline. [9] - In the fourth quarter, the refined zinc export window opened, but the actual export volume was lower than expected. The structural risk of overseas inventories still existed, and the price of LME zinc was relatively strong. At the same time, the shortage of ore supply increased, and TC accelerated downward, compressing smelter profits. [10][11] 3.2 Zinc Ore Incremental Space is Limited, and Tight Balance May Become the Main Theme 3.2.1 Zinc ore expansion is coming to an end, and production disturbances are increasing, resulting in limited incremental space for zinc ore - The zinc ore industry is in the stage of defensive capital expenditure, and the incremental scale of new zinc ore production has significantly narrowed compared with the past. Overseas zinc - mining enterprises have a weak willingness to make capital expenditures. [15] - Although the current LME zinc price can cover the profits of 99% of global mines, the low CAPEX in the past decade restricts the increase of zinc ore production, and the global ore production is sensitive to marginal disturbances. [17] - In 2025, global zinc ore production may increase by 500,000 tons, lower than the initial expectation. In 2026, it may increase by 400,000 tons, with limited incremental projects and structural differentiation. [22][23] 3.2.2 There is room for domestic zinc ore production increase, and the Huoshaoyun project is an additional variable - The Huoshaoyun project has uncertainties in production increase. Its ore is difficult to process, and the impact of the mine on the market is relatively limited. The production increase progress of its smelter is the key. [28] - Without considering the Huoshaoyun project, the actual new and restarted production capacity in 2025 may be about 50,000 tons, and the domestic mine increment may be the same as the previous year. Considering the project, there may be an increment of 30,000 - 50,000 tons in 2025 and 100,000 tons in 2026. [28] - In 2025, the cumulative import of zinc concentrates from January to October was 4.3489 million tons, a year - on - year increase of 36.59%. In the second half of the year, the import window closed, but in the fourth quarter, the import volume may have a certain recovery. [31] - Russia, Peru, and Australia are the main sources of domestic zinc ore imports. In 2026, the Ozernoye mine in Russia may contribute an increment of 100,000 tons, and Iranian mines may also have some incremental releases. [32] 3.2.3 Domestic zinc smelting capacity is continuously in surplus, and the gap between zinc ore production and demand is prominent - From January to November 2025, the cumulative production of refined zinc was 6.2815 million tons, a year - on - year increase of 10.69%. The annual output is expected to be 6.84 million tons, a year - on - year increase of 650,000 tons. [42] - In 2025, the expansion of zinc smelting capacity continued, with an expected incremental capacity of 430,000 tons. In 2026, there will still be some smelting capacity put into production, but the capacity utilization rate depends on smelting profits. [42] - Currently, the capacity utilization rate of refined zinc is declining, and low TC seriously erodes smelter profits, resulting in large - scale overhaul and production cuts. In 2026, the production of domestic smelters may increase, but the profit space of the smelting end may be further compressed. [42] 3.2.4 There is pressure on the increase of TC Benchmark, and the复产 space of overseas smelters is small - The market has different expectations for the increase of BM in 2026. It is expected that the BM in 2026 may be set at $80 - 100, and in a pessimistic scenario, it may remain at $80. [50] - European smelters' production remains stable, mainly depending on their own electricity prices. Asian smelters have a low cost and a willingness to resume production, but the expected BM may not provide good incentives for overseas smelters to resume production. [57][59] 3.3 In the First Year of the 15th Five - Year Plan, There is Room for Expansion in Domestic Consumption, and Overseas Consumption Continues to Recover 3.3.1 Fiscal policy supports domestic consumption, durable consumer goods have a weak recovery, and pay attention to the structural increment of UHV and ships - In 2025, fiscal policy increased its support for consumption, with the proportion of people's livelihood - related fiscal expenditures increasing. The issuance of local bonds was stable, but the funds flowing into infrastructure were squeezed to some extent. [72] - In 2025, fiscal policy was pre - exerted, and the policy intensity was insufficient in the second half of the year. In 2026, it is expected that fiscal policy will continue to be strong, and the growth rate of infrastructure investment is expected to reach 3.6%. [78] - The real estate market is still in the stage of adjustment and bottom - building, and its drag on zinc consumption is weakening. It is expected that the real estate policy will be further relaxed in 2026, but the zinc consumption at the completion end may still be negative, with a growth rate of - 13.8%. [85] 3.3.2 Overseas consumption continues a weak recovery, and pay attention to the growth of emerging countries - The US inventory replenishment cycle stimulates demand. The Fed's interest - rate cut restarts, which stimulates enterprise investment and household consumption. The US real estate market may have a mild recovery in 2026, and the zinc consumption chain is expected to maintain an inertial growth rate. [92] - India's zinc consumption has increased rapidly. In the 2025/2026 fiscal year, India's infrastructure capital expenditure has reached a record high, which will continuously drive the demand for zinc consumption. [98] 3.4 Supply - Demand Balance - For the supply increment in 2026, attention should be paid to the structural differentiation of mine increments and the uncertainty of supply release. The Huoshaoyun project and the output of mines in Russia and Iran are uncertain factors affecting the balance sheet. [101][102] - In 2026, it is expected that policies will further boost consumption, and the consumption end still has room for expansion. The infrastructure industry is the key support for zinc consumption, and the real estate industry's drag on zinc consumption is weakening. [102] - Domestically, the supply growth rate slows down, consumption space is optimistic, and there is only a slight surplus of zinc ingots. Overseas, smelters have limited restarts, consumption continues to recover, and the overseas surplus may be higher than that in China. [103][104] 3.5 Conclusions and Outlook - In 2026, zinc prices may decline first and then rise. Pay attention to the resonance of internal and external restocking. The supply - side contradiction dominates the price, and consumption space determines the upper limit of the price. [106][107] - The investment outlook includes a long - only strategy on dips or buying call options for single - side trading; for term arbitrage, there are opportunities for positive term arbitrage in the Shanghai zinc market; for internal - external trading, there is still uncertainty, and phased internal - external reverse arbitrage can be carried out based on the idea of opening the domestic zinc ore import window. [3][108]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The previous trading day saw Shanghai Zinc fluctuate and rise, closing with a positive line, increased trading volume, and both long and short positions increasing, with more short - position increases. The market may fluctuate and decline in the short term. Technically, the price closed above the moving - average system with strong support. Short - term indicators KDJ are rising, operating in the strong area with increased overbought conditions; the trend indicator is declining, with the long - position strength rising and the short - position strength falling, and the long - position advantage expanding. The operation suggestion is that Shanghai Zinc ZN2601 will fluctuate and decline [22]. Summary by Relevant Catalogs 1. Fundamental Analysis - In September 2025, global refined zinc production was 1.1935 million tons, consumption was 1.2292 million tons, with a supply shortage of 35,700 tons. From January to September, global zinc plate production was 10.3632 million tons, consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons; from January to September, it was 9.9647 million tons, showing a bullish sign [2]. 2. Basis Analysis - The spot price was 23,270, and the basis was + 100, indicating a neutral situation [2]. 3. Inventory Analysis - On December 8, LME zinc inventory increased by 2,375 tons to 57,750 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants decreased by 2,332 tons to 58,397 tons compared to the previous day, showing a neutral situation [2]. 4. Market Trend Analysis - The previous day, Shanghai Zinc showed a fluctuating and rising trend, closing above the 20 - day moving average, with the 20 - day moving average rising, showing a bullish sign [2]. 5. Main Position Analysis - The main net position was short, and short positions increased, showing a bearish sign [2]. 6. Futures Exchange Zinc Futures Market on December 8 - The trading volume of zinc futures on December 8 was 275,955 lots, and the trading value was 3.19074597 billion yuan. The total open interest was 214,900 lots, an increase of 6,840 lots [3]. 7. Domestic Main Spot Market on December 8 - The domestic zinc concentrate spot TC was 1,800 yuan/metal ton (down 100 yuan), and the comprehensive TC for imported zinc concentrate was 70 US dollars/dry ton (unchanged). The prices of 0 zinc in Shanghai, Guangdong, Tianjin, and Zhejiang were 23,270 yuan/ton (down 20 yuan), 22,980 yuan/ton (up 20 yuan), 23,090 yuan/ton (up 15 yuan), and 23,260 yuan/ton (up 5 yuan) respectively [4]. 8. Zinc Ingot Inventory in Main Markets from November 27 to December 8 - The total zinc ingot inventory in main markets decreased from 14.04 million tons on November 27 to 13.23 million tons on December 8, a decrease of 0.53 million tons compared to December 1 and a decrease of 0.16 million tons compared to December 4 [5]. 9. Shanghai Futures Exchange Zinc Warrant Report on December 8 - The total zinc warrants on the Shanghai Futures Exchange on December 8 were 58,397 tons, a decrease of 2,332 tons. The warrants in Guangdong decreased by 1,578 tons, and those in Tianjin decreased by 424 tons [6]. 10. LME Zinc Inventory Distribution and Statistics on December 8 - The previous day's LME zinc inventory was 55,375 tons, with an inflow of 2,475 tons and an outflow of 100 tons, and the current inventory was 57,750 tons, an increase of 2,375 tons [8]. 11. Zinc Concentrate Price in Main Cities on December 8 - The prices of 50% - grade zinc concentrate in cities such as Jiyuan, Chenzhou, and Kunming were 19,860 yuan, 19,760 yuan, and 19,760 yuan respectively, with price changes ranging from - 10 yuan to + 290 yuan [10]. 12. Zinc Ingot Smelter Price on December 8 - The prices of 0 zinc ingots from different smelters such as Hunan Zhuzhou Pei, San Shi Huludao Zinc Industry, and Guangdong Zhongjin Lingnan were 23,400 yuan, 23,830 yuan, and 23,130 yuan respectively [13]. 13. Domestic Refined Zinc Production in November 2025 - The actual refined zinc production in November 2025 was 496,600 tons, a month - on - month decrease of 3.64%, a year - on - year increase of 18.48%, and a 4.93% decrease compared to the planned value. The capacity utilization rate was 69.45%, and the planned production for December was 477,500 tons [16]. 14. Zinc Concentrate Processing Fee on December 8 - The domestic zinc concentrate processing fees for 50% - grade in different regions ranged from 1,600 yuan/metal ton to 2,200 yuan/metal ton, with price changes from - 300 yuan to 0 yuan. The processing fee for imported 48% - grade zinc concentrate was 70 US dollars/dry ton [18]. 15. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on December 8 - The total trading volume of zinc by members of the Shanghai Futures Exchange was 292,199 lots, an increase of 34,488 lots. The total long - position was 74,214 lots, an increase of 2,056 lots, and the total short - position was 71,587 lots, an increase of 2,744 lots [21].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 21, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The main contract of SHFE zinc closed at 2,2380 yuan/ton, down 30 with a decline of 0.13%. The increase in LME zinc inventory and the reduction in domestic social inventory, along with the tight supply of domestic zinc ore and the possible decline in refined zinc production in November, support the zinc price. The market is cautious before the release of US non - farm payroll data [7]. Section Summaries 1. Market Review - **Futures Market**: The main contract of SHFE zinc (2512) closed at 22,380 yuan/ton, down 30 (-0.13%). The 2601 contract closed at 22,385 yuan/ton, down 30 (-0.13%); the 2602 contract closed at 22,405 yuan/ton, down 25 (-0.11%). The trading volume and open interest of each contract changed, with the open interest of 2512 decreasing by 5,690 and that of 2601 increasing by 1,982 [7]. - **Inventory**: LME zinc inventory increased by 1,000 tons to 46,075 tons, with a cumulative delivery of 12,250 tons since November. Domestic social inventory decreased slightly by 0.39 million tons to 15.27 million tons [7]. - **Supply and Price Support**: Due to the reduction of domestic northern mines and the concentrated release of smelters' winter - stockpiling demand, the supply of domestic zinc ore is tight, and the processing fee continues to decline. SMM estimates that the refined zinc production in November may decline slightly, which supports the zinc price [7]. - **Macro - factor**: The Fed's October meeting minutes showed internal differences, and the probability of a 25 - basis - point interest rate cut in December decreased to 32.7%. The market is cautious before the release of September non - farm payroll data [7]. 2. Industry News - **Price Range**: On November 20, 2025, the mainstream transaction price of 0 zinc was 22,500 - 22,585 yuan/ton, 1 zinc was 22,430 - 22,515 yuan/ton. The prices in different regions such as Ningbo, Tianjin, and Guangdong also had their own ranges and premium/discount situations [8]. - **Premium and Discount**: In different markets, the premium or discount of zinc prices to the SMM average price, futures contracts, and Shanghai spot prices varied. For example, in Ningbo, the mainstream brand 0 zinc had a premium to the 2512 contract, and in Tianjin, different brands had different premiums or discounts to the 2512 contract [8]. 3. Data Overview - The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of CCBI Futures [10][12]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - The report suggests that the Shanghai zinc futures (ZN2511) are expected to oscillate weakly. The conclusion is based on a comprehensive analysis of multiple factors, including the fundamental supply - demand situation, basis, inventory, market trends, and positions of major players [2][20]. Group 3: Summary by Directory 1. Fundamentals - In July 2025, global zinc sheet production was 1.1515 million tons and consumption was 1.1629 million tons, resulting in a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons and consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons [2]. 2. Basis - The spot price of zinc was 21,860 yuan, and the basis was +0, indicating a neutral situation [2]. 3. Inventory - On September 24, LME zinc inventory decreased by 1,375 tons to 44,400 tons, while SHFE zinc inventory warrants increased by 744 tons to 57,357 tons [2][6]. 4. Market Trends - The previous day, Shanghai zinc futures showed an oscillating downward trend, closing below the 20 - day moving average, with the 20 - day moving average pointing downward, presenting a bearish signal [2]. 5. Major Player Positions - The major players held a net long position, but the long positions decreased, showing a bullish tendency [2]. 6. Futures Market Quotes on September 24 - For the zinc futures contract, different delivery months had various price movements. For example, the 2510 contract had a previous settlement price of 21,945 yuan, a closing price of 21,845 yuan, and a decrease of 100 yuan. The trading volume was 38,405 lots, and the trading value was 420.67467 million yuan [3]. 7. Domestic Spot Market Quotes on September 24 - The prices of zinc - related products such as zinc concentrate, zinc ingots, galvanized sheets, galvanized pipes, zinc alloys, zinc powder, zinc oxide, and secondary zinc oxide all showed different degrees of decline [4]. 8. Zinc Ingot Inventory Statistics in Major Domestic Markets - From September 11 to September 22, the total zinc ingot inventory in major domestic markets changed. Compared with September 15, it decreased by 50,000 tons, and compared with September 18, it decreased by 37,000 tons [5]. 9. Zinc Warrant Report on September 24 - The total zinc warrants on the SHFE were 57,357 tons, an increase of 744 tons. Different regions had different changes in warrants, such as an increase of 500 tons in Guangdong and an increase of 394 tons in Tianjin [6]. 10. LME Zinc Inventory Distribution on September 24 - The total LME zinc inventory was 44,400 tons, a decrease of 1,375 tons from the previous day. The registered warrants were 30,725 tons, and the cancelled warrants were 13,675 tons, with a cancellation ratio of 30.80% [8]. 11. Zinc Concentrate Prices in Major Domestic Cities on September 24 - Zinc concentrate prices in major domestic cities showed a downward trend, with most prices dropping by 20 - 50 yuan per ton [9]. 12. Zinc Ingot Smelter Prices on September 24 - The prices of zinc ingots from different smelters all decreased by 60 yuan per ton [13]. 13. Domestic Refined Zinc Production in June 2025 - The production of refined zinc in June 2025 was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10%, and the planned production for July was 470,300 tons [15]. 14. Zinc Concentrate Processing Fees on September 23 - Zinc concentrate processing fees varied by region. For example, in some regions with a 50% grade, the average processing fee was 3,800 - 4,100 yuan per metal ton, and the import processing fee for 48% grade was 100 US dollars per dry ton [17]. 15. Ranking of Zinc Trading and Positions of SHFE Members on September 24 - For the zn2511 contract, in terms of trading volume, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of long positions, the top three were CITIC Futures, Dongzheng Futures, and COFCO Futures. In terms of short positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [18]. 16. Short - term View - The previous trading day, Shanghai zinc futures showed an oscillating downward trend. The trading volume shrank, and both long and short positions increased, with short positions increasing more. Technically, the price closed below the moving average system, and short - term indicators showed a weak trend. It is recommended that the Shanghai zinc ZN2511 contract will oscillate weakly [20].

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]

Group 1: Report Overview - Report Name: Zinc Futures Daily Report [1] - Date: September 16, 2025 [2] Group 2: Industry Investment Rating - Not mentioned in the provided content Group 3: Core Viewpoints - The Shanghai Zinc 2510 contract closed at 22,310 yuan/ton, up 30 yuan or 0.13%, with reduced volume and positions. The 10 - 11 spread was -5. Domestic processing fees have limited upward momentum, and the SMM domestic monthly TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. By - product sulfuric acid prices declined due to supply recovery. Despite a contraction in comprehensive profits, they remain at a relatively high level. In September, more smelters are under maintenance, and some secondary zinc enterprises face tight raw material supply and rising prices, so the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons, with the supply side remaining generally loose. After the parade, logistics and production restrictions in North and Central China were lifted, and the operating rates in the primary consumption sectors increased month - on - month. However, the improvement in the consumption side is slowly transmitted upstream, and social inventories continued to accumulate on Monday, with a slower accumulation pace. The domestic and foreign inventory performances are differentiated, with LME zinc inventories dropping to around 50,000 tons, and concerns about overseas refined zinc supply have caused a spot premium, strengthening the 0 - 3B. Weak US employment data has consolidated the expectation of interest rate cuts, and the rising center of London zinc has a driving effect on the domestic market. However, the weak fundamentals of Shanghai zinc and the absence of an inflection point in inventory reduction result in insufficient upward driving force, maintaining a range - bound pattern, with a reference range of 22,000 - 22,600 yuan/ton [7] Group 4: Market Review - **Futures Market Quotes**: The opening, closing, highest, lowest prices, changes, change rates, positions, and position changes of Shanghai Zinc 2509, 2510, and 2511 contracts are presented. Shanghai Zinc 2510 closed at 22,310 yuan/ton, up 30 yuan or 0.13%, with positions decreasing by 5,694 to 92,003 hands [7] - **Processing Fees and Supply**: Domestic processing fees have limited upward momentum, with local quotes showing a narrow decline but no downward trend. The SMM domestic monthly TC for zinc concentrate is 3,850 yuan/metal ton, and the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. Sulfuric acid prices declined, and although comprehensive profits contracted, they are still at a relatively high level. In September, smelter maintenance increased, and some secondary zinc enterprises faced raw material issues, with expected monthly output dropping by 1 - 20,000 tons to around 600,000 tons [7] - **Consumption and Inventory**: After the parade, consumption in the primary sectors improved, but the improvement was slowly transmitted upstream. Social inventories continued to accumulate on Monday, with a slower pace. LME zinc inventories dropped to around 50,000 tons, and overseas supply concerns led to a spot premium [7] Group 5: Industry News - On September 15, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands like Shuangyan in different regions (including Shanghai, Ningbo, Tianjin, and Guangdong) are reported, along with their quotes relative to the SMM average price, the 2510 contract, and the Shanghai spot price [8][9] Group 6: Data Overview - The report includes figures such as the SMM seven - region weekly zinc ingot inventory (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - month spread, with data sources from SMM, Wind, and the research and development department of Jianxin Futures [11][13]

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]

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]

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].