Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: September 5, 2025 [2] - Research Team: Non - ferrous Metals Research Team, including Peng Jinglin, Zhang Ping, and Yu Feifei [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Shanghai zinc led the decline in non - ferrous metals. The main contract closed at 22,120 yuan/ton, down 185 yuan or 0.83%. It showed increased volume and open interest, with open interest increasing by 14,140 lots to 118,873 lots. The net short position of the top 20 long - short positions in total open interest increased by 6,418 lots. The fundamentals changed little, with zinc ore processing fees rising continuously and zinc ingot production remaining at a high level. The demand side was supported by policies but was weak in the short term. Production restrictions in North China suppressed galvanized consumption. The pressure of supply - demand surplus was reflected in inventory. Social inventory increased by 0.26 million tons to 14.89 million tons on Thursday. LME zinc inventory decreased by 475 tons to 54,750 tons, the lowest level since May 2023, with a 0 - 3 spread of B18.78. Despite the macro - level interest rate cut expectation and continuous de - stocking at LME, the weak fundamentals of Shanghai zinc could not resonate. Shanghai zinc is expected to consolidate at a low level in the short term and may test the 22,000 - yuan integer mark again [7] Group 4: Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2509, the opening price was 22,210 yuan/ton, the closing price was 22,100 yuan/ton, the highest was 22,275 yuan/ton, the lowest was 21,970 yuan/ton, down 175 yuan or 0.79%, with an open interest of 8,355 lots, down 1,255 lots; for SHFE zinc 2510, the opening price was 22,240 yuan/ton, the closing price was 22,120 yuan/ton, the highest was 22,325 yuan/ton, the lowest was 22,000 yuan/ton, down 185 yuan or 0.83%, with an open interest of 118,873 lots, up 14,140 lots; for SHFE zinc 2511, the opening price was 22,280 yuan/ton, the closing price was 22,120 yuan/ton, the highest was 22,330 yuan/ton, the lowest was 22,010 yuan/ton, down 180 yuan or 0.81%, with an open interest of 70,099 lots, up 3,819 lots [7] 2. Industry News - On September 4, 2025, the mainstream transaction price of 0 zinc was 21,980 - 22,180 yuan/ton, that of Shuangyan was 22,120 - 22,340 yuan/ton, and that of 1 zinc was 21,910 - 22,110 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 brands were quoted at a discount of 20 yuan/ton to the 2510 contract, Honglu - v was at par to the 2510 contract, Huize was at a premium of 50 - 80 yuan/ton to the 2510 contract, and high - end brand Shuangyan was at a premium of 120 - 140 yuan/ton to the 2510 contract [8] - In the Ningbo market, the mainstream transaction price of 0 zinc was about 21,980 - 22,170 yuan/ton. Regular brands were quoted at a discount of 25 yuan/ton to the 2510 contract and a premium of 40 yuan/ton to Shanghai spot. In the first period, Qilin was quoted at a premium of 10 - 20 yuan/ton to the 2510 contract for delivery, Hualian/Jiulong was at a premium of 20 yuan/ton for delivery, and Anning was at a discount of 30 yuan/ton to the 2510 contract. In the second period, traders' quotes remained the same as the previous period [8] - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was 21,930 - 22,170 yuan/ton, that of Zijin was 21,980 - 22,180 yuan/ton, and that of 1 zinc ingots was around 21,880 - 22,090 yuan/ton. Huludao was quoted at 22,570 yuan/ton. Ordinary 0 zinc was quoted at a discount of 30 - 70 yuan/ton to the 2510 contract, Zijin was at a discount of 20 yuan/ton to the 2510 contract, and Tianjin market was at a discount of about 10 yuan/ton to Shanghai market [8] - In the Guangdong market, the mainstream transaction price of 0 zinc was 21,910 - 22,155 yuan/ton. Mainstream brands were quoted at a discount of 65 yuan/ton to the 2510 contract and at par to Shanghai spot, and the price difference between Shanghai and Guangdong narrowed. In the first period, holders quoted a discount of 90 - 45 yuan/ton for Qilin, Mengzi, Danxia, Anning, Feilong, and Lanxing; in the second period, the discount was 90 - 55 yuan/ton [8] 3. Data Overview - The report presents figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions (in million tons), and LME zinc inventory (in tons), with data sources including Wind and SMM, as well as the research and development department of Jianxin Futures [10][11][12]