Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [6] 2. Core View of the Report - The spot market discount is still slightly weakening, and the market trading enthusiasm is poor. The TC of domestic and imported mines continues to rise, smelting profits are increasing, and the smelting enthusiasm remains high. The supply-side incremental expectation remains unchanged. Even during the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the peak consumption season expectation fails, zinc prices will face significant pressure and may show a relatively weak trend. However, the impact of overseas inventories needs to be monitored. [5] 3. Summary According to Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is -$0.23/ton. The SMM Shanghai zinc spot price increased by 60 yuan/ton to 22,530 yuan/ton, with a spot premium of -45 yuan/ton. The SMM Guangdong zinc spot price increased by 70 yuan/ton to 22,510 yuan/ton, with a spot premium of -65 yuan/ton. The Tianjin zinc spot price increased by 60 yuan/ton to 22,520 yuan/ton, with a spot premium of -55 yuan/ton. [2] - **Futures**: On August 11, 2025, the SHFE zinc main contract opened at 22,485 yuan/ton, closed at 22,590 yuan/ton, up 85 yuan/ton from the previous trading day. The trading volume was 87,765 lots, and the open interest was 93,386 lots. The highest price during the day was 22,670 yuan/ton, and the lowest was 22,425 yuan/ton. [3] - **Inventory**: As of August 11, 2025, the total inventory of SMM seven - region zinc ingots was 119,200 tons, a change of 6,000 tons from the previous period. As of the same date, the LME zinc inventory was 80,425 tons, a change of -1,075 tons from the previous trading day. [4] Market Analysis - The spot market discount is slightly weakening, and trading enthusiasm is low. The TC of domestic and imported mines continues to rise, smelting profits are increasing, and smelting enthusiasm remains high. The supply - side pressure is continuously prominent. Even during the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the peak consumption season expectation fails, zinc prices will face significant pressure and may show a relatively weak trend, but the impact of overseas inventories needs attention. [5] Strategy - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [6]

新能源及有色金属日报 | 2025-07-10 锌锭累库趋势或已形成 重要数据 现货方面：LME锌现货升水为-9.88 美元/吨。SMM上海锌现货价较前一交易日上涨120元/吨至22160元/吨，SMM 上海锌现货升贴水较前一交易日下跌15元/吨至75元/吨，SMM广东锌现货价较前一交易日上涨120元/吨至22090元/ 吨。SMM广东锌现货升贴水较前一交易日下跌15元/吨至5元/吨，SMM天津锌现货价较前一交易日上涨120元/吨至 22100元/吨。SMM天津锌现货升贴水较前一交易日下跌15元/吨至15元/吨。 期货方面：2025-07-09沪锌主力合约开于22175元/吨，收于22120元/吨，较前一交易日上涨115元/吨，全天交易日 成交154513手，较前一交易日减少4004手，全天交易日持仓114762手，较前一交易日减少4112手，日内价格震荡， 最高点达到22175元/吨，最低点达到21980元/吨。 库存方面：截至2025-07-07，SMM七地锌锭库存总量为8.91万吨，较上周同期增加0.85万吨。截止2025-07-09，LME 锌库存为106700吨，较上一交易日减少1800吨。 市场分 ...