交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年8月26日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒6月18日消息， 世界金属统计局( WBMS )公布的最新数据 报告显示，2025年4月, 全球锌板产量为115.3万吨，消费量为113.02万吨, 供应过剩2.27万吨。1-4月，全球锌板产量为445.14万吨,消费量为450.79 万吨，供应短缺5.65万吨。4月,全球锌板产量为107.22万吨。1-4月，全球 锌矿产量为404.06万吨；偏多。 2、基差：现货22340，基差-55；中性。 3、库存：8月22日LME锌库存较上日减少1300吨至68075吨，8月25日上期所 锌库存仓单较上日增加2403吨至35194吨；中性。 4、盘面：昨日沪锌震荡上涨走势，收20日均线 ...

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年8月25日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 6、预期：LME库存仓单继续减少；上期所仓单保持高位；沪锌ZN2510：震 荡盘整。 8月22日期货交易所锌期货行情 1、基本面：外媒6月18日消息， 世界金属统计局( WBMS )公布的最新数据 报告显示，2025年4月, 全球锌板产量为115.3万吨，消费量为113.02万吨, 供应过剩2.27万吨。1-4月，全球锌板产量为445.14万吨,消费量为450.79 万吨，供应短缺5.65万吨。4月,全球锌板产量为107.22万吨。1-4月，全球 锌矿产量为404.06万吨；偏多。 2、基差：现货22240，基差-35；中性。 3、库存：8月22日LME锌库存较上日减少1300吨至68075吨，8月22日上期所 锌库存仓单较上日增加503吨至32791吨；中性。 4、盘面：昨日沪锌震荡反弹走势，收20日均线之下,20日均线向下；偏空。 5、主力持仓：主力净多头，空翻多；偏多。 重要提示：本报告非 ...

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年8月22日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：外媒6月18日消息， 世界金属统计局( WBMS )公布的最新数据 报告显示，2025年4月, 全球锌板产量为115.3万吨，消费量为113.02万吨, 供应过剩2.27万吨。1-4月，全球锌板产量为445.14万吨,消费量为450.79 万吨，供应短缺5.65万吨。4月,全球锌板产量为107.22万吨。1-4月，全球 锌矿产量为404.06万吨；偏多。 2、基差：现货22260，基差+20；中性。 3、库存：8月21日LME锌库存较上日减少1875吨至69375吨，8月21日上期所 锌库存仓单较上日减少0吨至32288吨；偏多。 4、盘面：昨日沪锌震荡下跌走势，收20日均线之下, ...

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年8月21日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 8月20日期货交易所锌期货行情 | 交割月份 | 前給韓 | 今开盘 | 園高价 | 腰低价 | 收盘价 | 结算参考价 | 涨跌1 | 涨跌2 | 成交手 | 成交额 | 持合手/变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称:锌 | | | | | | | | | | | | | | 2509 | 22245 | 22250 | 22290 | 22175 | 22285 | 22225 | 40 | -20 | 44518 | 494791.60 | 50275 | ...

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided reports Group 2: Core Viewpoints - The zinc market showed a slight decline. The trend strength of zinc is -1, indicating a weak bearish outlook [1][2][3] Group 3: Summary by Relevant Catalogs 1. Zinc Market Data - **Prices**: The closing price of the main Shanghai zinc futures contract was 22,205 yuan/ton, down 0.69%; the closing price of the LME zinc 3M electronic disk was 2,784 dollars/ton, down 0.45%. The prices of Shanghai Zamak - 5 zinc alloy, Shanghai Zamak - 3 zinc alloy, and zinc oxide ≥99.7% all decreased by 100 yuan/ton [1] - **Trading Volume and Open Interest**: The trading volume of the main Shanghai zinc futures contract was 110,478 lots, an increase of 14,740 lots; the trading volume of LME zinc was 8,911 lots, a decrease of 2,062 lots. The open interest of the main Shanghai zinc futures contract was 105,576 lots, an increase of 8,821 lots; the open interest of LME zinc was 192,766 lots, a decrease of 1,232 lots [1] - **Premiums and Discounts**: The premium/discount of Shanghai 0 zinc was -40 yuan/ton, up 10 yuan/ton; the LME CASH - 3M premium/discount was -10 dollars/ton, down 10.5 dollars/ton [1] - **Inventory**: Shanghai zinc futures inventory remained unchanged at 32,538 tons, while LME zinc inventory decreased by 3,650 tons to 72,200 tons. The LME zinc cancelled warrants decreased by 1,850 tons to 28,600 tons, and the LME off - warrant (T + 3) decreased by 593 tons to 15,640 tons [1] 2. News - The Ministry of Industry and Information Technology and other departments aim to further standardize the competition order in the photovoltaic industry, including strengthening industrial regulation, curbing low - price disorderly competition, standardizing product quality, and supporting industry self - discipline [2]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The Shanghai zinc futures showed a volatile downward trend in the previous trading day, with increased trading volume and more short - position increases. The market is expected to be volatile and weak in the short term. The price of Shanghai zinc ZN2510 is expected to move weakly in a volatile manner [2][20]. 3. Summary by Relevant Catalogs 3.1 Zinc Market Fundamentals - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, global zinc plate production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. From January to April, global zinc ore production was 4.0406 million tons [2]. 3.2 Basis - The spot price was 22,260, and the basis was +55, showing a neutral situation [2]. 3.3 Inventory - On August 19, LME zinc inventory decreased by 3,650 tons to 72,200 tons compared with the previous day, and the SHFE zinc inventory warrants remained unchanged at 32,538 tons [2]. 3.4 Market Trends - The Shanghai zinc futures showed a volatile downward trend in the previous trading day, closing below the 20 - day moving average, and the 20 - day moving average was downward, indicating a bearish situation [2]. 3.5 Main Positions - The main players held a net short position, and the short positions increased, showing a bearish situation [2]. 3.6 Futures Exchange Zinc Futures Quotes on August 19 - For the zinc futures contracts with different delivery months, prices generally declined. For example, the contract 2510 had a previous settlement price of 22,395, an opening price of 22,320, and a settlement reference price of 22,245, with a decline of 190 [3]. 3.7 Domestic Main Spot Market Quotes on August 19 - The prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc. generally declined. For example, the price of zinc ingot in Aoshang was 22,260, a decline of 80 [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (August 7 - 18, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 91,300 tons on August 7 to 115,000 tons on August 18 [5]. 3.9 Futures Exchange Zinc Warrant Report on August 19 - The total zinc warrants in the futures exchange were 32,538 tons, with no change compared with the previous day [6]. 3.10 LME Zinc Inventory Distribution and Statistics on August 19 - The LME zinc inventory decreased by 3,650 tons. For example, in Singapore, the inventory decreased from 75,750 tons to 72,100 tons [7]. 3.11 National Main City Zinc Concentrate Price Summary on August 19 - The prices of zinc concentrate in major cities generally declined by 60 yuan/ton, with prices ranging from 16,750 to 16,950 yuan/ton for 50% grade [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on August 19 - The prices of zinc ingots from major smelters generally declined by 100 yuan/ton, with prices ranging from 21,900 to 22,530 yuan/ton [13]. 3.13 Domestic Refined Zinc Production in June 2025 - The planned production value in June was 459,700 tons, and the actual production was 471,800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10% [15]. 3.14 Zinc Concentrate Processing Fee Quotes on August 19 - The domestic zinc concentrate processing fees for 50% grade ranged from 3,400 to 4,100 yuan/metal ton, and the import processing fee for 48% grade was 75 US dollars/kiloton [17]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on August 19 - For the zinc contract zn2510, the total trading volume of 20 futures companies was 170,862 lots, an increase of 26,817 lots compared with the previous day. The total long positions were 67,903 lots, an increase of 1,331 lots, and the total short positions were 73,026 lots, an increase of 10,736 lots [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw Shanghai Zinc experiencing a volatile downward trend, closing with a negative candlestick, an increase in trading volume, and both long and short positions increasing, with a greater increase in short positions. Overall, it was a volume - driven decline. The price decline led to active entry by long - position holders, while short - position holders exerted stronger pressure. In the short term, the market may oscillate weakly. Technically, the price is above the long - term moving average, which provides strong support. Short - term indicators such as KDJ are declining and operating in the weak zone. The trend indicator is also declining, with the strength of long - position holders decreasing and that of short - position holders increasing, indicating that short - position holders have the upper hand. The operation suggestion is that Shanghai Zinc ZN2510 will oscillate weakly [19]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, resulting in a supply surplus of 22,700 tons. From January to April, global zinc plate production was 4.4514 million tons, consumption was 4.5079 million tons, leading to a supply shortage of 56,500 tons. In April, global zinc plate production was 1.0722 million tons. From January to April, global zinc ore production was 4.0406 million tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22,340, and the basis is - 20, indicating a neutral situation [2]. 3.3 Inventory - On August 18, LME zinc inventory decreased by 475 tons from the previous day to 75,850 tons, and the Shanghai Futures Exchange zinc inventory warrants increased by 12,518 tons from the previous day to 32,538 tons, showing a neutral situation [2]. 3.4 Futures Exchange Zinc Futures Market on August 18 - It provides detailed information on zinc futures of different delivery months, including previous settlement price, opening price, high price, low price, closing price, settlement reference price, price changes, trading volume, trading value, and open interest and its changes [3]. 3.5 Domestic Main Spot Market Quotes on August 18 - It shows the prices and price changes of zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, galvanized pipe, zinc alloy, zinc powder, zinc oxide, and secondary zinc oxide in different regions [4]. 3.6 National Main Market Zinc Ingot Inventory Statistics (August 7 - August 18, 2025) - It presents the zinc ingot inventory in major markets such as Shanghai, Guangdong, Tianjin, Shandong, Zhejiang, and Jiangsu on different dates, as well as the inventory changes compared with August 11 and August 14 [5]. 3.7 Futures Exchange Zinc Warrant Report on August 18 - It details the zinc warrants in different regions and warehouses, including the quantity and changes [6]. 3.8 LME Zinc Inventory Distribution and Statistics on August 18 - It shows the inventory, changes, registered warrants, cancelled warrants, and the proportion of cancelled warrants [7]. 3.9 National Main City Zinc Concentrate Price Summary on August 18 - It provides the prices, price changes, and other information of zinc concentrates in different regions with a 50% grade [9]. 3.10 National Market Zinc Ingot Smelter Price Quotes on August 18 - It shows the prices, price changes, and other information of 0 zinc ingots from different smelters [13]. 3.11 Domestic Refined Zinc Production in June 2025 - In June 2025, the planned refined zinc production was 459,700 tons, and the actual production was 471,800 tons, with a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and an increase of 2.63% compared with the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 470,300 tons [15]. 3.12 Zinc Concentrate Processing Fee Quotes on August 18 - It presents the zinc concentrate processing fees in different regions for different grades, including the lowest price, highest price, purchase price, and price changes [17]. 3.13 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on August 18 - It shows the trading volume, long - position volume, and short - position volume of different futures companies for the zinc contract zn2510, as well as their changes compared with the previous trading day [18].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The short - term trend of Shanghai Zinc ZN2510 is expected to be weak with oscillations. The previous trading day saw Shanghai Zinc moving in an oscillatory manner, closing with a small positive line, increased trading volume, and both long and short positions adding, with the short side increasing slightly more. Technically, the price is above the long - term moving average with strong support, while short - term indicators like KDJ are declining, and the trend indicators show that the long and short forces are in a stalemate [2][22]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc sheet production was 1153000 tons, consumption was 1130200 tons, resulting in a supply surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, leading to a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons [2]. 3.2 Basis - The spot price of zinc is 22480, and the basis is - 50, indicating a neutral situation [2]. 3.3 Inventory - On August 15, LME zinc inventory decreased by 1125 tons to 76325 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 2923 tons to 20020 tons compared to the previous day. The social inventory of zinc ingots in major Chinese markets has been increasing from August 4 to August 14 [2][6]. 3.4 Market Quotes - On August 15, the trading data of zinc futures contracts with different delivery months on the futures exchange showed various price changes, trading volumes, and open interests. For example, the 2510 contract had an opening price of 22500, a high of 22600, a low of 22485, and a closing price of 22530, with a trading volume of 69906 lots and an open interest of 91064 lots [3]. 3.5 Spot Market - On August 15, the prices of zinc - related products in the domestic main spot markets, such as zinc concentrate, zinc ingots, galvanized sheets, etc., showed different degrees of decline or remained unchanged [4]. 3.6 Zinc Ingot Smelter Prices - On August 15, the prices of 0 zinc ingots from different smelters, including Hunan Zhuhongminrong, Liaoning Huludao Zinc Industry, etc., all decreased by 60 yuan/ton [16]. 3.7 Refined Zinc Production - In June 2025, the actual production of refined zinc was 471800 tons, with a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and a 2.63% increase compared to the planned value. The capacity utilization rate was 87.10%, and the planned production for July was 470300 tons [18]. 3.8 Zinc Concentrate Processing Fees - On August 15, zinc concentrate processing fees in different domestic regions and for imports showed different price ranges and changes. For example, the import processing fee for 48% zinc concentrate increased by 5 dollars per thousand tons [20]. 3.9 Member Trading and Position Ranking - For the zinc contract zn2510 on August 15, in terms of trading volume, ranking, and changes of futures companies, as well as long and short position rankings and changes, the total trading volume of 20 futures companies was 105489 lots, an increase of 20251 lots compared to the previous day. The total long - position volume was 66046 lots, an increase of 4841 lots, and the total short - position volume was 59406 lots, an increase of 5213 lots [21].

Report Information - Report Title: Zinc Industry Chain Weekly Report - Report Date: August 17, 2025 - Research Institute: Guotai Junan Futures Research Institute, Non - ferrous and Precious Metals Group - Analysts: Ji Xianfei (Chief Analyst/Co - Administrative Head), Wang Zongyuan (Contact Person) 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The zinc smelting production enthusiasm is high, and the start - up rate remains at a high level, with a neutral strength analysis [2]. - The galvanizing start - up rate has marginally increased [3]. - The inventory accumulation is becoming more obvious. The supply is increasing while the demand is in a weak off - season pattern. In the short term, zinc prices will fluctuate within a range, and in the medium - to - long term, a short - selling strategy on rallies is recommended. During the period of increased domestic supply and decreased demand in the off - season, SHFE zinc may be relatively weaker, and short - term (within a quarter) positive spread positions can be held [5]. 3. Summary by Directory 3.1 Market Review - **Price Performance**: The previous week's closing price of SHFE Zinc Main Contract was 22,505 yuan, with a weekly decline of 0.04%. The night - session closing price was 22,390 yuan, with a decline of 0.51%. The previous week's closing price of LmeS - Zinc 3 was 2,796.5 dollars, with a weekly decline of 1.32% [6]. - **Trading Volume and Open Interest Changes**: The trading volume of SHFE Zinc Main Contract last Friday was 83,222 lots, an increase of 1,794 lots compared to the previous week. The open interest was 76,347 lots, a decrease of 18,548 lots. The trading volume of LmeS - Zinc 3 was 10,973 lots, an increase of 2,571 lots compared to the previous week. The open interest was 190,988 lots, a decrease of 2,970 lots [6]. - **Basis Changes**: LME zinc's cash - to - 3 - month spread decreased by 4.99 dollars to - 5.22 dollars. The bonded area zinc premium increased by 140 dollars to 140 dollars. The Shanghai 0 zinc spot premium decreased by 10 yuan to - 50 yuan [6]. 3.2 Industry Chain Vertical and Horizontal Comparison - **Inventory**: Zinc ore and smelter finished product inventories have risen to high levels, and the visible inventory of zinc ingots has increased [8]. - **Profit**: Zinc ore profits are at the forefront of the industry chain, and smelting profits are relatively good. Mine enterprise profits are stable in the short term and at a historical median level. Smelting profits are also stable and at a historical median level. Galvanized pipe enterprise profits are stable and at a relatively low level compared to the same period [10][11]. - **Start - up Rate**: The zinc concentrate start - up rate has rebounded and is at a historical median level. The refined zinc start - up rate has declined but is still at a historical high level. The downstream galvanizing start - up rate has increased, while the die - casting zinc start - up rate has decreased, both at relatively low historical levels [12][13]. 3.3 Trading Aspects - **Spot**: The spot premium has slightly declined. Overseas premiums are relatively stable, with a slight decrease in Antwerp, and the LME CASH - 3M structure has changed significantly [16][22]. - **Spread**: The near - end of SHFE zinc shows a C structure, and the far - end structure is gradually moving out of the backwardation [24]. - **Inventory**: The inventory has shown a stable and rising trend at a low level, and the inventory - to - open - interest ratio has continued to decline. LME inventory is mainly concentrated in Singapore, with a short - term slight decrease and at a medium - to - low level compared to the same period. The bonded area inventory is stable, and the global visible zinc inventory has slightly increased [30][36][39]. - **Futures**: The domestic open interest is at a historical median level [40]. 3.4 Supply - **Zinc Concentrate**: Zinc concentrate imports have declined. Domestic zinc ore production is at a historical median level. The increase rate of processing fees for domestic and imported ores has slowed down. The zinc ore arrival volume is at a median level, and smelter raw material inventories are abundant and at a historical high level [43][44]. - **Refined Zinc**: Smelting output has marginally recovered. Smelter finished product inventories are at a medium - to - high level compared to the same period. Zinc alloy production is at a high level. Refined zinc imports are at a historical median level [45][48]. 3.5 Zinc Demand - The refined zinc consumption growth rate is positive. The downstream monthly start - up rate has slightly decreased, mostly at medium - to - low levels compared to the same period [54][57]. - The real estate market remains at a low level, while the power grid shows structural growth [69]. 3.6 Overseas Factors - The prices of European natural gas, carbon emissions, and electricity are presented in the report, and the profitability of overseas zinc smelters is also analyzed [70 - 74].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw the Shanghai Zinc futures decline in a volatile manner, closing with a negative candlestick and shrinking trading volume. Both long and short positions reduced, with short positions decreasing slightly more. Overall, it was a decline on shrinking volume. As the price dropped, long - position holders exited to wait and see, while short - position holders were more active in exiting. Therefore, the market may experience a short - term volatile consolidation. Technically, the price closed above the long - term moving average, with strong support from the moving average. The short - term indicator KDJ declined and was operating in the strong zone. The trend indicator declined, with both long and short forces rising, and the dominance of short forces expanding. The operation suggestion is that the Shanghai Zinc ZN2509 will be in a volatile consolidation phase. [23] 3. Summary by Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, global zinc plate production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. In April, global zinc plate production was 1.0722 million tons. From January to April, global zinc ore production was 4.0406 million tons, which is a positive factor. [2] 3.2 Basis - The spot price was 22,530, and the basis was +50, indicating a neutral situation. [2] 3.3 Inventory - On August 14, the LME zinc inventory decreased by 1,025 tons to 77,450 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 905 tons to 17,097 tons compared to the previous day, showing a neutral situation. [2] 3.4 Market Trends - On August 14, the zinc futures of various delivery months on the futures exchange generally showed a downward trend. For example, the contract 2509 had a previous settlement price of 22,670, an opening price of 22,600, a high of 22,640, a low of 22,430, a closing price of 22,480, and a settlement reference price of 22,540, with a decline of 190. [3] 3.5 Spot Market - On August 14, the prices of zinc - related products in the domestic main spot markets mostly declined. For example, the price of zinc concentrate in a certain area was 17,160 yuan/ton, down 40 yuan/ton; the price of zinc ingot was 22,530 yuan/ton, down 40 yuan/ton. [4] 3.6 Social Inventory of Zinc Ingots - From August 4 to August 14, 2025, the social inventory of zinc ingots in major Chinese markets increased. The total inventory on August 4 was 87,200 tons, and it increased to 110,100 tons on August 14. [6] 3.7 Zinc Warehouse Receipts - On August 14, the total zinc warehouse receipts on the futures exchange were 17,097 tons, an increase of 905 tons compared to the previous day. [8] 3.8 LME Zinc Inventory - On August 14, the LME zinc inventory decreased by 1,025 tons. [9] 3.9 Zinc Concentrate Prices - On August 14, the prices of 50% - grade zinc concentrate in major domestic cities mostly declined by 40 yuan/ton. [11] 3.10 Zinc Ingot Smelter Prices - On August 14, the prices of zinc ingots from major domestic smelters mostly declined by 50 yuan/ton. [15] 3.11 Refined Zinc Production - In June 2025, the planned production of refined zinc was 459,700 tons, and the actual production was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production for July was 470,300 tons. [18] 3.12 Zinc Concentrate Processing Fees - On August 14, the zinc concentrate processing fees in different regions varied. For example, in some areas, the average processing fee for 50% - grade zinc concentrate was 3,800 yuan/metal ton, with some increases or no changes. [20] 3.13 Trading and Position Ranking - On August 14, the total trading volume of zinc futures contracts on the Shanghai Futures Exchange was 121,741, a decrease of 1,171 compared to the previous day. The total long - position volume was 53,485, a decrease of 2,753, and the total short - position volume was 53,278, a decrease of 3,231. [21]