瑞达期货研究院 「2025.08.22」 沪锌市场周报 逢低采买小幅去库 预计锌价震荡企稳 研究员： 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 来源：瑞达期货研究院 3 行情回顾：本周沪锌主力震荡下跌，周线涨跌幅为-1.02%，振幅1.29%。截止本周主力合约收盘报价 22275元/吨。 行情展望：宏观面，美国8月制造业PMI初值53.3，意外创三年多新高，通胀压力加剧。工信部等部 门：进一步规范光伏产业竞争秩序，遏制低价无序竞争。基本面，国内外锌矿进口量上升，锌矿加 工费持续上升，叠加硫酸价格上涨明显，冶炼厂利润进一步修复，生产积极性增加；各地新增产能 陆续释放，叠加前期检修产能复产，供应增长有所加快。目前进口亏损继续扩大，进口锌流入量下 降。需求端，下游处于进入需求淡季，加工企业开工率同比有所下降。近期锌价下跌，下游逢低按 需采购为主，但整体成交有所改善，国内社库小幅下降，现货升水持稳；海外LME库存下降明显， LME现货升水下调，对国 ...

伦锌创阶段新高，沪锌收盘涨近3%，机构表示锌价大涨更多的是.....点击阅读。 相关链接 期货热点追踪 ...

Group 1 - Copper prices are under pressure due to concerns over tariffs, with LME copper closing down 0.69% at $9,784 per ton and Shanghai copper futures settling at 79,390 CNY per ton [1] - LME copper inventory increased by 2,125 tons to 97,400 tons, with a cancellation rate rising to 37.9% [1] - Domestic copper social inventory rose by over 10,000 tons week-on-week, while bonded zone inventory saw a slight decrease [1] Group 2 - Zinc prices also declined, with the Shanghai Zinc Index falling 1.41% to 22,049 CNY per ton, and LME zinc dropping $50 to $2,695.5 per ton [1] - Domestic zinc social inventory increased slightly to 89,100 tons, indicating a higher supply of zinc ore and expectations for increased zinc ingot availability [1] - The cash-to-three-month structure for LME zinc is declining, putting additional pressure on zinc prices [1]

Core Viewpoint - The price of lead zinc has increased by 2.00%, currently reported at 2709.00 USD per ton [1] Group 1 - The lead zinc market is experiencing a notable price increase, indicating potential bullish sentiment among investors [1]

Core Viewpoint - Zinc prices experienced a slight decline last week, with domestic and international market indicators showing mixed signals regarding supply and demand dynamics [1] Market Performance - As of last Friday, the Shanghai zinc index rose by 0.05% to 22,048 CNY/ton, with total open interest at 230,200 contracts [1] - The London Metal Exchange (LME) zinc price increased by 23 to 2,622.5 USD/ton, with total open interest at 213,200 contracts [1] Inventory and Supply - Domestic zinc ingot inventory recorded 1,900 tons, while social inventory decreased slightly to 83,300 tons [1] - LME zinc ingot inventory stood at 170,700 tons, with 66,800 tons of canceled warrants [1] - Zinc concentrate port inventory reached 371,000 physical tons, and factory inventory was at 583,000 physical tons [1] Processing Fees and Costs - Domestic zinc concentrate processing fee is at 3,500 CNY/metal ton, while the import processing fee is at 40 USD/dry ton [1] Downstream Demand - The operating rate for galvanized structural components is at 60.87%, with raw material inventory at 15,000 tons and finished product inventory at 37,800 tons [1] - The operating rate for die-casting zinc alloys is at 54.60%, with raw material inventory at 13,000 tons and finished product inventory at 9,000 tons [1] - The operating rate for zinc oxide is at 59.73%, with raw material inventory at 3,000 tons and finished product inventory at 6,000 tons [1] Market Outlook - Overall, the continuous increase in zinc concentrate port inventory and rising processing fees indicate an ongoing surplus in zinc ore [1] - Although zinc ingot inventory has slightly increased, domestic warehouse receipts remain low, suggesting a relatively strong near-term market [1] - In the medium term, limited downstream purchasing and pressure from imported zinc ingots are expected to lead to an accumulation of social inventory, posing a downward risk to zinc prices [1]

智通财经4月11日电，伦锌日内涨幅达2%，现报2682.00美元/吨。 ...