Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 29, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The Shanghai zinc futures opened with a gap down, leading the decline in the non - ferrous sector. The main contract 2510 closed at 22,170 yuan/ton, down 180 yuan or 0.81%, with increased volume and open interest. The LME zinc inventory decreased to below 60,000 tons, and the squeeze - out risk still exists due to the low - inventory pattern. The SHFE/LME ratio remains low, and the zinc ingot import window remains closed. The supply side is abundant as the refined zinc output is expected to increase to 621,500 tons in August. The downstream demand is still weak, and the开工 rates of galvanizing and zinc oxide are expected to hover at low levels. The external market is supported by interest - rate cut expectations and low inventory, showing an upward - biased trend. The internal - weak and external - strong pattern continues, and the domestic market is unlikely to decline deeply due to the influence of the external market. The SHFE zinc is oscillating between the middle and lower tracks of the Bollinger Bands, testing the 22,000 - yuan integer mark [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, as well as the price changes, price change rates, open interest, and open - interest changes of SHFE zinc contracts 2509, 2510, and 2511 are provided. For example, the main contract 2510 opened at 22,210 yuan/ton, closed at 22,170 yuan/ton, down 180 yuan or 0.81%, with an open interest increase of 6,801 lots to 114,628 lots [7]. - **Market Situation Analysis**: The LME zinc inventory decreased to below 60,000 tons, and the 0 - 3 spread is C7.6. The SHFE/LME ratio is low, and the zinc ingot import window remains closed. The import zinc concentrate processing fee continues to rise, with the zinc concentrate index rising by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remains at 3,900 yuan/metal ton. The refinery operating rate is at a high level, and the refined zinc output in August is expected to reach 621,500 tons. The downstream demand is weak, and the production and transportation in North China are restricted due to stricter environmental protection during the military parade. The external market is supported by interest - rate cut expectations and low inventory, while the domestic market is affected by the external market and is oscillating between the middle and lower tracks of the Bollinger Bands, testing the 22,000 - yuan integer mark [7]. 2. Industry News - **Zinc Price and Premium Information**: On August 28, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands in different markets (such as Shanghai, Ningbo, Tianjin, and Guangdong) are provided, along with the premium or discount information of different brands relative to the SMM average price, futures contracts, and other market prices. For example, in the Shanghai market, the mainstream transaction price of 0 zinc is 22,105 - 22,190 yuan/ton, and the high - end brand Shuangyan is traded at 22,225 - 22,300 yuan/ton [8]. 3. Data Overview - **Data Charts**: The report mentions data 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 and the Research and Development Department of CCB Futures [11][15]