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建信期货锌期货日报-20250703
Jian Xin Qi Huo· 2025-07-03 01:48
Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 3, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Report Industry Investment Rating - Not provided Core Viewpoints - The zinc market is in a pattern of increasing supply and weakening demand, with the pressure of inventory accumulation gradually emerging, and the medium - term idea is still to be bearish [7]. - Recently, macroeconomic data shows market resilience, and non - ferrous metals are boosted to fluctuate strongly, but the weak demand of Shanghai zinc restricts it from rising, and there is no directional drive for now [7]. Summary by Directory 1. Market Review - **Futures Market**: Shanghai zinc mainly fluctuated sideways. The main contract closed at 22,230 yuan/ton, down 25 yuan, a decrease of 0.11%. The trading volume decreased, and the open interest decreased by 4,670 lots to 129,763 lots. The destocking speed of LME zinc accelerated this week, and the LME zinc level dropped to 113,425 tons, but the 0 - 3C spread widened to 18.75. The Shanghai - London ratio increased slightly, the import profit and loss was repaired, but the import window remained closed [7]. - **Supply and Demand**: Imported ore is still at a high level, the supply of the ore end is relatively loose, and the processing fee continues to rise. Although some smelters will have maintenance in July, the overall industry start - up is at a high level due to good smelter profits, and the zinc ingot supply still has an increase. The consumption end has entered the off - season and is gradually weakening [7]. - **Spot Market**: The spot premiums in the three regions remained stable compared with the previous day. Shanghai has a premium of 160 - 170 yuan/ton over the 08 contract, Tianjin reports a discount of 70 yuan/ton compared with Shanghai, and the trading in Guangdong is relatively light, with a premium of 45 - 85 yuan/ton over the 08 contract [7]. 2. Industry News - **Price and Premium in Different Regions**: On July 2, 2025, the mainstream transaction prices of 0 zinc in different regions are as follows: in the mainstream market, it is 22,305 - 22,415 yuan/ton; in Ningbo, it is 22,235 - 22,325 yuan/ton; in Tianjin, it is 22,190 - 22,310 yuan/ton; in Guangdong, it is 22,190 - 22,330 yuan/ton. The premium situations in different regions and contracts are also detailed [8][9]. 3. Data Overview - **Data Sources**: The data sources include Wind and the Research and Development Department of CCB Futures, and some data are from SMM [12][13][16] - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventories, and LME zinc inventories [13][17]
锌期货日报-20250701
Jian Xin Qi Huo· 2025-07-01 01:20
Report Overview - Report Title: Zinc Futures Daily Report [1] - Date: July 1, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Overseas refinery strikes have tightened global refined zinc production, leading to a continuous decline in LME inventories below 120,000 tons, approaching the inventory low in April this year. The external market discount has rapidly converged, driving up the Shanghai zinc price. However, the domestic zinc ore imports remain at a high level, increasing the supply pressure of zinc ingots. The downstream primary consumption sector's开工 rate is lower than the same period in previous years, and the finished product inventory has slightly accumulated. The market is in a state of high-level consolidation, waiting for the right entry opportunity [7]. 3. Summary by Directory 3.1 Market Review - **Futures Market**: The main contract of Shanghai zinc closed at 22,495 yuan/ton, up 70 yuan, or 0.31%. The trading volume decreased, and the open interest decreased by 2,242 lots to 140,186 lots. The external market drove up the Shanghai zinc price, but the domestic supply pressure increased, and the downstream consumption was weak [7]. - **Spot Market**: The domestic zinc spot market was generally weak. The Shanghai market's premium to the 07 contract was 60 yuan/ton, the Tianjin market was at a discount of 80 yuan/ton compared to the Shanghai market, and the Guangdong market reported a premium of 50 yuan/ton to the 08 contract [7]. 3.2 Industry News - **Price Information**: On June 30, 2025, the mainstream transaction prices of 0 zinc were concentrated between 22,470 - 22,580 yuan/ton, and the prices varied in different regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8][9]. - **Premium Information**: The premium situation in different regions also varied. For example, the Shanghai market's premium to the 07 contract was 60 yuan/ton, and the Guangdong market reported a premium of 50 - 90 yuan/ton to the 08 contract [7][9]. 3.3 Data Overview - The report provides charts of the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of the two markets, and SHFE's monthly spread, but no specific data analysis is given in the text [13][14].
建信期货锌期货日报-20250625
Jian Xin Qi Huo· 2025-06-25 01:38
Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - No investment rating information provided in the report. 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 SHFE zinc is expected to fluctuate weakly in the short term, with the 22,000 - yuan mark turning into a resistance level [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: The main contract of SHFE zinc 2508 closed at 21,920 yuan/ton, up 185 yuan or 0.85%. The 0 - 3 spread was 22.25, the SHFE - LME ratio was 8.26, and the ratio excluding exchange rate was 1.16. The spot import loss was 842.727 yuan/ton, and the import window was deeply closed. The domestic social inventory decreased slightly by 0.18 million tons to 7.78 million tons at the beginning of the week. The supply of zinc concentrates was abundant, the imported zinc concentrate TC increased slightly, and the domestic TC remained flat at 3,600 yuan/ton. The smelting sector was expected to increase production, while the开工 rates in the downstream primary consumption fields were all lower than the same period in previous years. The construction of engineering projects and the home appliance industry were weak, and the galvanizing production plan was reduced. The terminal consumption support decreased marginally after the 618 mid - year promotion and the interruption of national subsidies [7]. 2. Industry News - **National 0 Zinc Transactions**: On June 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,960 - 22,125 yuan/ton, and that of Shuangyan brand was between 22,160 - 22,325 yuan/ton. The morning market quoted a premium of 0 - 10 yuan/ton to the average price, and there was no quote against the market price. In the second trading session, the common domestic brands quoted a premium of 130 yuan/ton to the 2507 contract, and the high - end brand Shuangyan quoted a premium of 330 yuan/ton to the 2507 contract [8]. - **Ningbo Market**: The mainstream brands of 0 zinc in Ningbo were traded at around 21,960 - 22,125 yuan/ton. The common brands in Ningbo quoted a premium of 130 yuan/ton to the 2507 contract and a premium of 30 yuan/ton to the Shanghai spot price. The mainstream in Ningbo was to quote against the 2507 contract, and the quotes remained stable in the two trading periods [8]. - **Tianjin Market**: The mainstream transaction price of 0 zinc ingots in Tianjin was between 21,890 - 22,090 yuan/ton, and that of Zijin brand was between 21,950 - 22,140 yuan/ton. The common 0 zinc quoted a premium of 60 - 100 yuan/ton to the 2507 contract, and Zijin quoted a premium of 120 - 150 yuan/ton to the 2507 contract. The Tianjin market quoted a discount of about 20 yuan/ton compared to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream transaction price of 0 zinc in Guangdong was between 21,785 - 21,995 yuan/ton. The mainstream brands quoted a premium of 195 yuan/ton to the 2508 contract and a discount of 100 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong expanded [9]. 3. Data Overview - The report provided charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory, but did not provide specific data analysis in the text [11][13]
建信期货锌期货日报-20250624
Jian Xin Qi Huo· 2025-06-24 02:48
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]