1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 24, 2025 [2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - The zinc market maintains a pattern of increasing supply and weak demand. Although the social inventory is at a low level, the trend of inventory accumulation in the off - season has not been confirmed. The Shanghai zinc is expected to fluctuate weakly in the short term, with the 22,000 - yuan mark turning into a resistance level. [7] 4. Summary by Section 4.1 Market Review - **Futures Market Data**: For SHFE zinc, the contract 2507 opened at 21,955 yuan/ton, closed at 21,980 yuan/ton, up 75 yuan or 0.34%, with a position of 67,890 lots and a decrease of 8,673 lots; contract 2508 opened at 21,740 yuan/ton, closed at 21,780 yuan/ton, up 40 yuan or 0.18%, with a position of 110,868 lots and an increase of 5,745 lots; contract 2509 opened at 21,680 yuan/ton, closed at 21,640 yuan/ton, up 20 yuan or 0.09%, with a position of 57,539 lots and an increase of 2,529 lots. The SHFE zinc fluctuated lower in the morning and rebounded in the afternoon. The spot import window was closed with a loss of 642.97 yuan/ton. LME zinc inventory decreased by 325 tons to 126,225 tons, and domestic social inventory decreased by 0.18 million tons to 7.78 million tons. The zinc ore supply is loose, the imported zinc ore TC increased slightly, and the domestic TC remained at 3,600 yuan/ton. The downstream primary consumption sector's开工 rate is lower than the same - period level in previous years, and the terminal consumption support is gradually weakening. [7] 4.2 Industry News - **Price and Premium in Different Regions**: - On June 23, 2025, in the mainstream market, 0 zinc was traded at 21,960 - 22,125 yuan/ton, 1 zinc at 21,890 - 22,055 yuan/ton. Different brands had different premiums over relevant contracts in different trading periods. - In the Ningbo market, the mainstream 0 zinc was traded at 21,960 - 22,125 yuan/ton, with a premium of 130 yuan/ton over the 2507 contract and a premium of 30 yuan/ton over the Shanghai spot. - In the Tianjin market, 0 zinc was traded at 21,890 - 22,090 yuan/ton, with different premiums for different brands over the 2507 contract, and the Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market. - In the Guangdong market, 0 zinc was traded at 21,785 - 21,995 yuan/ton, with a premium of 195 yuan/ton over the 2508 contract and a discount of 100 yuan/ton compared to the Shanghai spot, and the price difference between Shanghai and Guangdong widened. [8][9] 4.3 Data Overview - The report mentions several data - related charts, including the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, etc., but no specific data analysis is provided in the given text other than the inventory changes mentioned in the market review section. [13]