行业 锌期货日报 日期 2025 年 8 月 26 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 蒙自、丹霞、安宁、飞龙报价贴水 110~50 元/吨，第二时段，麒麟、蒙自、 丹霞、安宁、飞龙报价贴水 110~50 元/吨。 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2509 | 22230 ...

Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: August 22, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - **Futures Market Quotes**: - The main contract of SHFE zinc 2510 closed at 22,240 yuan/ton, up 30 yuan with a 0.14% increase, with reduced volume and positions. The positions decreased by 568 lots to 110,426 lots. - LME zinc inventory decreased by 1,875 tons to 69,375 tons, with the entire decline from Singapore. The 0 - 3 spread was C9.33. - The domestic zinc market has a core contradiction of abundant concentrates and sufficient refined zinc, and social inventory has been accumulating, reflecting the surplus pressure. From January to July, the cumulative year - on - year increase in imported zinc concentrates was 45.2%. In August, the processing fee continued to rise, with the imported zinc concentrate index at 90.3 US dollars/dry ton and the domestic zinc concentrate TC stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices have expanded smelters' profit margins. In August, there were few domestic maintenance activities, and the refined zinc output may increase to 621,500 tons. - The downstream is in the off - season, and although there are policy supports on the demand side, the weakness is still obvious. The operating load in the primary consumption field remains at a low level. Overall, the pattern of strong overseas and weak domestic markets continues. The domestic market is difficult to fall deeply due to the influence of the overseas market. There is an expectation of a switch from the off - season to the peak season in late August, and the callback space of SHFE zinc is limited, with short - term wide - range fluctuations [7]. Group 3: Industry News - **Shanghai Market**: On August 21, 2025, the mainstream transaction price of 0 zinc was 22,240 - 22,305 yuan/ton, and that of Shuangyan was 22,360 - 22,415 yuan/ton. In the morning, the market quoted a premium of 20 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a discount of 10 yuan/ton to the 2509 contract [8]. - **Ningbo Market**: The mainstream price of 0 zinc was 22,220 - 22,275 yuan/ton. The regular brands in Ningbo were quoted at a discount of 40 yuan/ton to the 2509 contract and at par to the Shanghai spot price [8]. - **Tianjin Market**: The mainstream transaction price of 0 zinc was 22,210 - 22,280 yuan/ton, and that of Zijin was 22,230 - 22,310 yuan/ton. 0 zinc was generally quoted at a discount of 30 - 50 yuan/ton to the 2509 contract, and Zijin was quoted at a discount of 0 - 30 yuan/ton to the 2509 contract. The Tianjin market was at a discount of about 20 yuan/ton to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream transaction price of 0 zinc was 22,150 - 22,255 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2510 contract and at a discount of 30 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed [9]. Group 4: Data Overview - The report provides data on the seven - region weekly zinc ingot inventory of SMM, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [13][14]

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 19, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not mentioned Core View - The core contradiction of abundant zinc ore and refined zinc in the zinc market is more prominent during the off - season of demand, and the inventory accumulation trend continues. The zinc market supply remains loose, and the demand is hard to improve substantially as it has not stepped out of the off - season. Although the macro - atmosphere is warm, the weak fundamental pattern is difficult to resonate with it. The Shanghai zinc has given back its previous gains, and the current pattern of strong overseas and weak domestic continues. The domestic market is driven by the overseas market and is unlikely to fall deeply. There is an expectation of a switch from the off - season to the peak season for demand in the second half of the month, and the callback space of Shanghai zinc is limited, with short - term wide - range fluctuations as the main trend [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc (2509) closed at 22,340 yuan/ton, down 180 yuan, a decline of 0.80%, with reduced volume and positions, and the position was 69,630 lots. The 2510 contract closed at 22,360 yuan/ton, down 185 yuan, a decline of 0.82%, and the position increased by 5,691 lots to 96,755 lots. The 2511 contract closed at 22,360 yuan/ton, down 190 yuan, a decline of 0.84%, and the position decreased by 63,418 lots to 27,646 lots [7] - **Fundamentals**: The supply of zinc ore is loose, which pushes up the processing fee. The import zinc concentrate index is reported at 82.25 US dollars/dry ton, and the monthly average TC of domestic zinc concentrates by SMM remains stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices year - on - year drive the continuous expansion of smelters' profit margins, and smelters have sufficient production enthusiasm. The domestic refined zinc output in August may increase to 621,500 tons, and the supply side remains abundant. The downstream off - season characteristics are significant. Although there are demand - supporting policies, the weakness is hard to cover in the short term, and the operating load in the primary consumption field is still in a weak range [7] 2. Industry News - **August 18, 2025 Transactions**: The mainstream transaction price of 0 zinc was concentrated at 22,305 - 22,415 yuan/ton, and Shuangyan was traded at 22,385 - 22,525 yuan/ton. The mainstream transaction price of 1 zinc was 22,235 - 22,345 yuan/ton. In the morning, the market quoted a premium of 20 - 30 yuan/ton to the SMM average price, and there were few quotes against the market. In the second trading session, ordinary domestic brands quoted a discount of 20 - 10 yuan/ton to the 2509 contract, Honglu - v quoted at par to the 2509 contract, Huize quoted a premium of 50 - 60 yuan/ton to the 2509 contract, and the high - price brand Shuangyan quoted a premium of 60 - 100 yuan/ton to the 2509 contract [8] - **Regional Market Conditions**: In the Ningbo market, the mainstream brand 0 zinc was traded at about 22,285 - 22,375 yuan/ton, and the regular brands in Ningbo quoted a discount of 50 yuan/ton to the 2509 contract and at par to the Shanghai spot. In the Tianjin market, 0 zinc ingots were mainly traded at 22,270 - 22,400 yuan/ton, and Zijin was traded at 22,310 - 22,420 yuan/ton. 1 zinc ingots were traded at around 22,210 - 22,3320 yuan/ton, and the price of Huludao was 22,950 yuan/ton. In the Guangdong market, the mainstream 0 zinc was traded at 22,225 - 22,380 yuan/ton, and the mainstream brands quoted a discount of 90 yuan/ton to the 2510 contract and a discount of 20 yuan/ton to the Shanghai spot [8][9] 3. Data Overview - Not elaborated in the provided content

行业 锌期货日报 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 日期 2025 年 8 月 14 日 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2508 | 22460 | 22560 | 22620 | 22450 | 75 | 0.33 | 4550 | -485 | | 沪锌 | 2509 | 224 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Industry Investment Rating - No information provided Core Viewpoints - The Shanghai zinc market rebounded compared to the previous day, with the main contract ZN2509 closing at 22,380 yuan/ton, up 175 yuan or 0.79%. The trading volume decreased, and the open interest decreased by 4,253 lots to 98,475 lots. The net short position of the top 20 seats decreased by 3,045 lots [7]. - The average monthly TC of domestic zinc concentrates in August increased by 100 yuan to 3,900 yuan/metal ton. Supported by high TC and high by - product profits, smelting enterprises are highly motivated to produce, and the overall zinc ingot supply remains strong [7]. - The "trade - in" policy for consumer goods continues, and the third batch of funds has been allocated. There is an expected increase in zinc demand from infrastructure in the second half of the year. However, the demand is currently weak in the short term, and the operating rates of galvanizing and die - casting zinc alloy are still at historically low levels [7]. - The core contradiction of abundant zinc ore and sufficient zinc ingots in the zinc market is more prominent during the off - season of demand, and the social inventory has continued to accumulate to over 100,000 tons. Short - term bears have closed their positions, but as the price rebounds, the downstream purchasing sentiment has worsened, the spot premium has weakened, and the rebound height of Shanghai zinc is limited, operating in the middle - lower range of the Bollinger Bands [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, as well as the changes and percentage changes of different Shanghai zinc contracts (2508, 2509, 2510) are presented. The main contract ZN2509 had specific price and trading volume changes [7]. - **Supply and Demand Situation**: High TC and by - product profits support strong zinc ingot supply. Demand policies exist, but short - term demand is weak, and the operating rates of related industries are low. The supply - demand contradiction leads to inventory accumulation [7]. - **Market Trend**: The short - term rebound of Shanghai zinc is limited, and it operates in the middle - lower range of the Bollinger Bands [7]. 2. Industry News - **Price and Premium in Different Regions**: The mainstream transaction prices and premiums of 0 zinc and 1 zinc in different regions (including Shanghai, Ningbo, Tianjin, and Guangdong) are reported, showing price differences and market characteristics in each region [8][9]. 3. Data Overview - **Graphs**: The report includes graphs 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, SMM, and the research and development department of CCB Futures [11][13]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 31, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - The Politburo meeting had no unexpectedly stimulating policies and emphasized regulating disorderly competition. The non - ferrous sector oscillated narrowly. The main contract of Shanghai zinc 2509 closed at 22,670 yuan/ton, up 10 yuan with a 0.04% increase, with volume up and positions down. The zinc concentrate processing fee continued to rise, and the overall zinc ingot supply remained strong. Although infrastructure demand may increase in the second half of the year, short - term downstream demand was weak, and domestic and foreign inventories were diverging. The zinc market was in a weak oscillation [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2508, it opened at 22,595 yuan/ton, closed at 22,635 yuan/ton, up 10 yuan with a 0.04% increase, and the open interest decreased by 3,108 lots to 17,354 lots. For SHFE zinc 2509, it opened at 22,640 yuan/ton, closed at 22,670 yuan/ton, up 10 yuan with a 0.04% increase, and the open interest decreased by 1,371 lots to 116,245 lots. For SHFE zinc 2510, it opened at 22,640 yuan/ton, closed at 22,695 yuan/ton, up 30 yuan with a 0.13% increase, and the open interest increased by 7,261 lots to 61,298 lots [7]. - **Market Analysis**: The processing fee continued to rise, and the overall zinc ingot supply was strong. Although infrastructure demand may increase in the second half of the year, short - term downstream demand was weak. Domestic social inventory increased by 0.54 million tons to 10.37 million tons, while LME zinc inventory decreased by 3,100 tons to 109,050 tons. The spot premium was weak, and the zinc market was in a weak oscillation [7]. 2. Industry News - **July 30, 2025**: The mainstream transaction price of 0 zinc was 22,680 - 22,780 yuan/ton, and that of 1 zinc was 22,610 - 22,710 yuan/ton. Different regions had different price ranges and premium/discount situations. For example, in the Ningbo market, the mainstream brand 0 zinc was traded at 22,640 - 22,720 yuan/ton [8][9]. 3. Data Overview - **Graphs**: The report includes graphs such as 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 [10][12]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 30, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - The commodity market sentiment declined. The main contract of SHFE zinc closed at 22,655 yuan/ton, down 80 yuan or 0.35%. The total long and short positions of the top 20 seats both decreased, and the net long positions decreased by 3,447 lots. [7] - The processing fee continued to rise. The imported zinc concentrate index rose to $76.25 per dry ton, and the weekly processing fee of domestic Zn50 zinc concentrate remained flat at 3,800 yuan/ton. With the profits from sulfuric acid and minor metals at a high level year-on-year, enterprises' production enthusiasm was high, and some new zinc ingot production capacities were gradually released. The overall zinc ingot supply remained strong. [7] - In the second half of the year, infrastructure investment may increase the demand for zinc. However, the short-term operating rates of galvanizing and die-casting zinc remained at a low level compared to the same period, and downstream buyers were cautious due to high prices. [7] - The inventory performance was divided between domestic and overseas markets. The domestic social inventory increased by 0.54 million tons to 10.37 million tons, while the LME zinc inventory continued to decrease by 3,350 tons to 112,150 tons. The 0 - 3 spread was 1.95C, and the cancelled warrant ratio was 48.64%. [7] - The spot premium remained basically stable. The Shanghai market had a premium of 80 yuan/ton over the 08 contract, the Tianjin market was at a discount of 40 yuan/ton compared to the Shanghai market, and the Guangdong market was at a discount of 80 yuan/ton compared to the 09 contract and 40 yuan/ton compared to the Shanghai market. The price difference between Shanghai and Guangdong narrowed. [7] - The zinc concentrate supply remained loose, and the surplus pressure during the off - season of demand was gradually reflected in the inventory. Although the short - term sentiment declined, the anti - involution was not over, and SHFE zinc oscillated weakly. [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: - SHFE zinc 2508 opened at 22,630 yuan/ton, closed at 22,610 yuan/ton, with a high of 22,690 yuan/ton, a low of 22,555 yuan/ton, down 70 yuan or 0.31%. The open interest was 20,462 lots, a decrease of 5,070 lots. [7] - SHFE zinc 2509 opened at 22,645 yuan/ton, closed at 22,655 yuan/ton, with a high of 22,725 yuan/ton, a low of 22,580 yuan/ton, down 80 yuan or 0.35%. The open interest was 117,616 lots, a decrease of 6,845 lots. [7] - SHFE zinc 2510 opened at 22,665 yuan/ton, closed at 22,675 yuan/ton, with a high of 22,735 yuan/ton, a low of 22,585 yuan/ton, down 65 yuan or 0.29%. The open interest was 54,037 lots, an increase of 3,567 lots. [7] - **Supply and Demand**: The supply of zinc ingots was strong, and the demand was weak in the short term. The inventory performance was divided between domestic and overseas markets. [7] - **Spot Market**: The spot premium remained stable, and the price difference between regions changed. [7] 2. Industry News - **Shanghai Market**: On July 29, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,650 - 22,785 yuan/ton, and the double - swallow brand was traded between 22,730 - 22,855 yuan/ton. The 1 zinc was traded between 22,580 - 22,715 yuan/ton. [8] - **Ningbo Market**: The mainstream transaction price of 0 zinc was around 22,590 - 22,705 yuan/ton. The local brands had a premium of 5 yuan/ton over the 2508 contract and a premium of 10 yuan/ton over the Shanghai spot price. [8] - **Tianjin Market**: The 0 zinc was traded between 22,510 - 22,660 yuan/ton, and the 1 zinc was traded around 22,430 - 22,560 yuan/ton. The Huludao brand was priced at 23,120 yuan/ton. [8][9] - **Guangdong Market**: The mainstream transaction price of 0 zinc was between 22,470 - 22,655 yuan/ton. The mainstream brands were at a discount of 80 yuan/ton compared to the 2509 contract and a discount of 40 yuan/ton compared to the Shanghai spot price. The price difference between Shanghai and Guangdong narrowed. [9] 3. Data Overview - The report provided figures on the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, but specific data descriptions were not detailed in the text. [11][13]

行业 锌期货日报 021-60635740 期货从业资格号：F3075681 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 日期 2025 年 7 月 3 日 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2507 | 22315 | 22310 | 22360 | 22235 | 0 | 0.00 | 8970 | -1410 | | 沪锌 | 2508 | 22250 | 22230 | 22310 | 22145 | -25 | -0.11 | 129763 | -4670 | | 沪锌 | 2509 | 22200 | 22175 | ...

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].

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]