指标体系 沪锌: 1、基本面：外媒9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年10月9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。 2、基差：现货21880，基差+80；中性。 9月30日国内主要现货市场行情 3、库存：10月8日LME锌库存较上日增加50吨至38250吨，9月30日上期所锌 库存仓单较上日减少2043吨至57221吨；中性。 4、盘面：昨日沪锌震荡下 ...

指标体系 交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年9月30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。 沪锌: 1、基本面：外媒9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 2、基差：现货21670，基差-130；偏空。 3、库存：9月29日LME锌库存较上日减少825吨至41950吨，9月29日上期所 锌库存仓单较上日增加1691吨至59264吨；中性。 4、盘面：昨日沪锌震荡下跌走势，收20日均线之下,2 ...

沪锌期货早报-2025年9月25日 交易咨询业务资格：证监许可【2012】1091号 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9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 2、基差：现货21860，基差+0；中性。 3、库存：9月24日LME锌库存较上日减少1375吨至44400吨，9月24日上期所 锌库存仓单较上日增加744吨至57357吨；中性。 4、盘面：昨日沪锌震荡下跌走势，收20日均线之下,20日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw Shanghai zinc fluctuating and falling, closing with a negative line and shrinking trading volume. Both long and short positions increased, with more short - position increases. The market may fluctuate and weaken in the short term. Technically, the price closed below the moving average system, losing its support. Short - term indicators suggest a weak trend, and the bearish force is dominant. The recommendation is that Shanghai zinc ZN2511 will fluctuate and weaken [18]. 3. Summary by Relevant Catalogs 3.1 Fundamental Information - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, with a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons, showing a bullish sign [2]. - The spot price of zinc was 21,920, with a basis of +75, indicating a neutral situation [2]. - On September 23, LME zinc inventory decreased by 1,050 tons to 45,775 tons, and SHFE zinc inventory warrants increased by 1,559 tons to 56,613 tons, showing a neutral situation [2]. - The previous trading day, Shanghai zinc fluctuated and fell, closing below the 20 - day moving average with the 20 - day moving average pointing downwards, showing a bearish sign [2]. - The main net position was long, and long positions increased, showing a bullish sign [2]. 3.2 Futures Exchange Zinc Futures Market on September 23 - For different delivery months of zinc futures, prices generally showed a downward trend. For example, the contract 2510 had a settlement price of 21,995, opening at 22,095, and closing at 21,840, with a decline of 155. The trading volume of all contracts totaled 203,496 lots, and the trading value was 2.23400645 billion yuan [3]. 3.3 Domestic Main Spot Market on September 23 - The prices of various zinc - related products decreased. Zinc concentrate in Lin had a price of 16,580 yuan/ton, down 50 yuan/ton; zinc ingots in Shanghai were 21,920 yuan/ton, down 70 yuan/ton; galvanized sheets in China were 4,042 yuan/ton, down 6 yuan/ton; galvanized pipes in China were 4,444 yuan/ton, down 8 yuan/ton; zinc alloy in Ningbo was 22,430 yuan/ton, down 70 yuan/ton; zinc powder in Changsha was 27,150 yuan/ton, down 60 yuan/ton; zinc oxide in Taizhou was 20,350 yuan/ton, down 100 yuan/ton; and secondary zinc oxide in Lin remained unchanged at 7,875 yuan/ton [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (September 11 - 22, 2025) - The total inventory of zinc ingots in major Chinese markets on September 22 was 1.446 million tons. Compared with September 15, it decreased by 50,000 tons, and compared with September 18, it decreased by 37,000 tons [5]. 3.5 Futures Exchange Zinc Warrant Report on September 23 - The total zinc warrants in the futures exchange on September 23 were 56,613 tons, an increase of 1,559 tons. In Guangdong, warrants increased by 496 tons, and in Tianjin, they increased by 1,063 tons [6]. 3.6 LME Zinc Inventory Distribution and Statistics on September 23 - LME zinc inventory decreased by 1,050 tons to 45,775 tons. In Singapore, inventory decreased by 1,050 tons to 45,625 tons [7]. 3.7 National Main City Zinc Concentrate Price Summary on September 23 - Zinc concentrate prices in major cities decreased by 50 yuan/ton. For example, in Jiyuan, the price was 16,680 yuan/ton; in Kunming, it was also 16,680 yuan/ton [8]. 3.8 National Market Zinc Ingot Smelter Price on September 23 - The prices of 0 zinc ingots from major smelters decreased by 70 yuan/ton. For example, the price of zinc ingots from Hunan Zhuzhou Smelter was 22,150 yuan/ton; from Liaoning Huludao Zinc Industry was 22,480 yuan/ton [12]. 3.9 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% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10%, and the planned production for July was 470,300 tons [14]. 3.10 Zinc Concentrate Processing Fee Market on September 23 - The processing fees for 50% zinc concentrate in different regions varied. For example, in Hohhot, the average processing fee was 3,900 yuan/metal ton; in Huizhou, it was 4,000 yuan/metal ton. The average import processing fee for 48% zinc concentrate was 100 US dollars/dry ton [16]. 3.11 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on September 23 - In the trading volume ranking of zinc contracts zn2511, CITIC Futures had the highest trading volume of 40,422 lots, a decrease of 4,691 lots compared with the previous trading day. In the long - position ranking, CITIC Futures had 10,220 lots, an increase of 1,842 lots. In the short - position ranking, CITIC Futures had 18,617 lots, an increase of 356 lots [17].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年9月23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9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 2、基差：现货21990，基差-100；中性。 3、库存：9月22日LME锌库存较上日减少1000吨至46825吨，9月22日上期所 锌库存仓单较上日增加2523吨至55054吨；中性。 4、盘面：昨日沪锌震荡反弹走势，收20日均线之下, ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The previous trading day saw Shanghai zinc fluctuate and decline, closing with a negative line and shrinking trading volume. Both long and short positions reduced, with more reduction in long positions. The market may experience short - term consolidation. Technically, the price closed below the long - term moving average with weak support. The short - term KDJ indicator declined but remained in the strong area, while the trend indicator showed that the long - side strength decreased and the short - side strength increased, with the two forces starting to stalemate. The Shanghai zinc ZN2510 is expected to consolidate [2][19]. Summary by Relevant Catalogs Zinc Fundamentals - In April 2025, global zinc plate production was 1153000 tons and consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons and consumption was 4507900 tons, with a shortage of 56500 tons. In April, global zinc plate production was 1072200 tons, and from January to April, global zinc ore production was 4040600 tons, which is a positive factor [2]. Zinc Basis - The spot price was 22265, and the basis was - 10, indicating a neutral situation [2]. Zinc Inventory - On September 16, LME zinc inventory decreased by 1175 tons to 48975 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 799 tons to 52170 tons compared to the previous day, showing a neutral situation [2]. Zinc Futures Market Quotes on September 16 - For various delivery months of zinc futures, prices, trading volumes, and open interests showed different changes. For example, for the 2510 contract, the previous settlement was 22305, the opening price was 22290, the highest price was 22370, the lowest price was 22245, the closing price was 22255, the settlement reference price was 22300, the price decreased by 50 ( - 5), the trading volume was 96641 lots, the trading value was 1077732.04, the open interest was 84991 lots, and it decreased by 7012 lots [3]. Domestic Spot Market Quotes on September 16 - Zinc concentrate in Lin had a price of 16850 yuan/ton, down 10 yuan/ton; zinc ingot in Aoshi was 22265 yuan/ton, down 5 yuan/ton; galvanized sheet in China was 4057 yuan/ton, up 17 yuan/ton; galvanized pipe in China was 4452 yuan/ton, up 8 yuan/ton; zinc alloy in Ningbo was 22780 yuan/ton, unchanged; zinc powder in Changsha was 27450 yuan/ton, unchanged; zinc oxide in Taizhou was 20500 yuan/ton, unchanged; and secondary zinc oxide in Taozhou was 7857 yuan/ton, unchanged [4]. Zinc Ingot Inventory Statistics in Major National Markets (September 4 - 15, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 13.85 million tons on September 4 to 14.95 million tons on September 15. Compared with September 8, it increased by 0.97 million tons, and compared with September 11, it increased by 0.55 million tons [5]. Zinc Warehouse Receipt Report on September 16 - The total zinc warehouse receipts on the futures exchange were 52170 tons, with an increase of 799 tons. Most of the increase came from the Guangdong region (specifically, Guangdong Jushen increased by 799 tons) [6]. LME Zinc Inventory Distribution on September 16 - The total LME zinc inventory was 48975 tons, a decrease of 1175 tons from the previous day. In Singapore, the inventory decreased by 1175 tons to 48875 tons [7]. Zinc Concentrate Price Summary in Major National Cities on September 16 - Zinc concentrate with a 50% grade in various regions such as Jiyuan, Chenzhou, etc., had prices ranging from 16750 - 16950 yuan/ton, all down 10 yuan/ton [8]. Zinc Ingot Smelter Price Quotes on September 16 - The prices of 0 zinc ingots (≥99.995%) from different smelters such as Hunan Zhuzhou Sea (22500 yuan/ton), Liaoning Huludao Zinc Industry (22830 yuan/ton), etc., showed different levels [12]. Domestic Refined Zinc Production in June 2025 - The planned production value in June was 45.97 million tons, the actual production was 47.18 million 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 in July was 47.03 million tons [14]. Zinc Concentrate Processing Fee Quotes on September 16 - Zinc concentrate processing fees in different regions with a 50% grade varied. For example, in Pailie, the lowest was 3800 yuan/metal ton, the highest was 4000 yuan/metal ton, and the average was 3900 yuan/metal ton. Imported zinc concentrate (48% grade) had a processing fee ranging from 85 - 105 US dollars/dry ton [16]. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on September 16 - In the zn2510 contract, for trading volume, Guotai Junan ranked first with 31704 lots and an increase of 602 lots. For long positions, CITIC Futures ranked first with 5095 lots and an increase of 70 lots. For short positions, CITIC Futures ranked first with 11007 lots and a decrease of 1082 lots [17].

资料显示，云南罗平锌电股份有限公司位于云南省罗平县罗雄镇长家湾，成立日期2000年12月21日，上 市日期2007年2月15日，公司主营业务涉及水力发电、铅锌矿的开采、选矿、铅锌金属的冶炼及附属产 品的提炼。主营业务收入构成为：锌锭、锌合金82.42%，锗精矿8.29%，电力3.02%，硫酸2.57%，铅渣 (铅矿)1.63%，银精矿0.84%，食用油及副产品0.60%，其他0.23%，旧极板0.19%，镉饼0.11%，铜精矿 0.09%。 罗平锌电所属申万行业为：有色金属-工业金属-铅锌。所属概念板块包括：锌电池、乡村振兴、磷化 工、QFII持股、小金属等。 9月15日，罗平锌电盘中下跌2.06%，截至14:24，报8.07元/股，成交1.83亿元，换手率6.95%，总市值 26.10亿元。 资金流向方面，主力资金净流出1213.35万元，特大单买入183.96万元，占比1.00%，卖出315.23万元， 占比1.72%；大单买入3025.96万元，占比16.49%，卖出4108.03万元，占比22.39%。 罗平锌电今年以来股价涨43.09%，近5个交易日涨3.73%，近20日涨12.55%，近60日涨2 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures show a volatile rebound, closing with a positive line, an enlarged trading volume, and both long and short positions reducing, with more long - positions cut. The short - term market may experience a volatile consolidation. Technically, the price is below the long - term moving average with weak support. The short - term KDJ indicator is rising and operating in the strong zone, while the trend indicator is falling, with both long and short forces increasing and starting to stalemate. The operation suggestion for Shanghai zinc ZN2510 is a volatile consolidation [2][19] 3. Summary by Related Catalogs Fundamental Analysis - In April 2025, global zinc plate production was 1153000 tons and consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons and consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is a bullish signal [2] - The basis is - 35 with the spot price at 22270, indicating a neutral situation [2] - On September 12, LME zinc inventory decreased by 100 tons to 50525 tons, and SHFE zinc inventory warrants increased by 980 tons to 45905 tons, showing a neutral situation [2] - The previous day, Shanghai zinc showed a volatile rebound, closing above the 20 - day moving average which is downward, indicating a neutral situation [2] - The main net position is long, but long positions are decreasing, which is a bullish signal [2] Futures Exchange Zinc Futures Market - On September 12, in the zinc futures market, different delivery months had various price changes. For example, the contract 2510 had a previous settlement of 22225, an opening price of 22250, a high of 22360, a low of 22180, and a closing price of 22305, with a price increase of 80 [3] Domestic Main Spot Market - On September 12, in the domestic main spot market, the price of zinc concentrate in Linzhou was 16860 yuan/ton with an increase of 40 yuan/ton; the price of zinc ingot in Aoding was 22270 yuan/ton with an increase of 50 yuan/ton; the price of galvanized sheet in China was 4038 yuan/ton with a decrease of 3 yuan/ton; the price of galvanized pipe in China was 4447 yuan/ton with a decrease of 3 yuan/ton; the price of zinc alloy in Ningbo was 22780 yuan/ton with an increase of 50 yuan/ton; the price of zinc powder in Changsha was 27450 yuan/ton with an increase of 50 yuan/ton; the price of zinc oxide in Taizhou was 20600 yuan/ton with no change; the price of secondary zinc oxide in Linquwaicun was 7857 yuan/ton with no change [4] National Main Market Zinc Ingot Inventory - From September 1 to September 11, the total inventory of zinc ingots in the main domestic markets increased from 133300 tons to 144000 tons. Compared with September 4, it increased by 5500 tons, and compared with September 8, it increased by 4200 tons [5] Futures Exchange Zinc Warrant Report - On September 12, in the zinc warrant report, different regions and warehouses had different warrant quantities and changes. For example, in Shanghai, the total warrant quantity was 50 tons with no change; in Guangdong, the total warrant quantity increased by 226 tons; in Tianjin, the total warrant quantity increased by 754 tons [6] LME Zinc Inventory Distribution - On September 12, the LME zinc inventory in Singapore decreased by 100 tons to 50425 tons, and the cancellation ratio was 34.61% [7] National Main City Zinc Concentrate Price - On September 12, in the national main cities, the price of 50% - grade zinc concentrate in different regions such as Jiyuan, Kunming, and Hechi all increased by 40 yuan/ton [8] National Market Zinc Ingot Smelter Price - On September 12, in the national market, the price of 0 zinc ingot from different smelters such as Hunan Xiuzhou Zhihai, Sanbianshisishidishiba, and Guangdong Zhongjin Lingnan all increased by 50 yuan/ton [12] Domestic Refined Zinc Production in June 2025 - In June 2025, the planned production of refined zinc was 459700 tons, and the actual production was 471800 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%, and the planned production for July was 470300 tons [14] Zinc Concentrate Processing Fee - On September 12, the zinc concentrate processing fees in different regions varied. For 50% - grade zinc concentrate, the fees in different regions such as HER THE, Hushidao, and Hechi were in the range of 3550 - 4200 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 85 - 105 dollars/thousand tons [16] Shanghai Futures Exchange Member Zinc Trading and Position Ranking - For the contract zn2510 on September 12, in terms of trading volume, the top three were Guotai Junan, CITIC Futures, and Dongzheng Futures; in terms of long positions, the top three were Dongzheng Futures, Jianxin Futures, and CITIC Futures; in terms of short positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [17]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The short - term outlook for Shanghai zinc ZN2510 is a sideways consolidation. The previous trading day saw Shanghai zinc rebound in a volatile manner, with increased trading volume. On the position side, long positions slightly increased while short positions decreased, indicating a slow entry of bulls and the exit of bears. Technically, the price is below the long - term moving average with weak support, the short - term KDJ indicator is rising, and the trend indicator shows that bullish power is rising while bearish power is falling, leading to a stalemate between the two forces [2][19]. 3. Summaries According to Relevant Catalogs 3.1 Zinc Fundamental Analysis - 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, 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, which is a bullish factor [2]. - The basis is - 30 with a spot price of 22,220, indicating a neutral situation [2]. - On September 11, LME zinc inventory decreased by 200 tons to 50,625 tons, and SHFE zinc inventory warrants increased by 596 tons to 44,925 tons, showing a neutral situation [2]. - The previous day, Shanghai zinc showed a volatile rebound but closed below the 20 - day moving average, with the 20 - day moving average pointing downwards, which is a bearish factor [2]. - The main net position is long, but long positions are decreasing, which is a bullish factor [2]. 3.2 Zinc Futures Market - On September 11, the trading volume of zinc futures reached 143,973 lots, with a trading value of 16.0042543 billion yuan, and the open interest was 222,719 lots, an increase of 970 lots [3]. 3.3 Domestic Spot Market - On September 11, the price of zinc concentrate in Baizhou was 16,820 yuan/ton, up 70 yuan; the price of zinc ingot in Aoshi was 22,220 yuan/ton, up 80 yuan; the price of zinc alloy in Ningbo was 22,730 yuan/ton, up 90 yuan; the price of zinc powder in Changsha was 27,400 yuan/ton, up 90 yuan [4]. 3.4 Zinc Ingot Inventory - From September 1 to September 11, the total social inventory of zinc ingots in major Chinese markets increased from 133,300 tons to 144,000 tons [5]. 3.5 Zinc Futures Warehouse Receipts - On September 11, the total SHFE zinc warehouse receipts were 44,925 tons, an increase of 596 tons. Among them, the warehouse receipts in Guangdong increased by 595 tons, and those in Tianjin increased by 1 ton [6]. 3.6 LME Zinc Inventory - On September 11, LME zinc inventory decreased by 200 tons to 50,625 tons, and the cancellation ratio was 30.02% [7]. 3.7 Zinc Concentrate Price - On September 11, the price of 50% - grade zinc concentrate in major domestic cities increased by 70 yuan/ton [8]. 3.8 Zinc Ingot Smelter Price - On September 11, the prices of 0 zinc ingots from major domestic smelters increased by 90 yuan/ton [12]. 3.9 Refined Zinc Production in June 2025 - The planned production in June was 459,700 tons, 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 exceeded the plan by 2.63%, and the capacity utilization rate was 87.10%. The planned production for July was 470,300 tons [14]. 3.10 Zinc Concentrate Processing Fee - On September 11, the processing fees for 50% - grade zinc concentrate in different domestic regions ranged from 3,400 to 4,200 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 85 - 105 US dollars/dry ton [16]. 3.11 SHFE Member Zinc Trading and Position Ranking - For the contract zn2510, the total trading volume of members was 147,015 lots, an increase of 16,212 lots. The total long position was 68,698 lots, an increase of 138 lots, and the total short position was 65,783 lots, a decrease of 2,571 lots [18].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoint of the Report The previous trading day saw Shanghai Zinc oscillate and rebound, closing with a positive line, accompanied by shrinking trading volume. Both long and short positions reduced, with the short - side reduction being more significant. Overall, it was a volume - shrinking rebound. As prices rebounded, long - position holders were eager to exit, while short - position holders were even more eager. In the short term, the market is expected to oscillate and consolidate. Technically, the price closed below the long - term moving average, with weak moving average support. The short - term KDJ indicator rose and was operating around the strength - weakness demarcation point. The trend indicator declined, with both long and short forces weakening, and the two sides starting to stalemate. The operation suggestion is that Shanghai Zinc ZN2510 will oscillate and consolidate [19]. 3. Summary by Relevant Catalogs 3.1 Fundamental Analysis - 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, which is a bullish factor [2]. - The basis is 22,140 for spot and - 75, which is neutral [2]. - On September 10, LME zinc inventory decreased by 200 tons to 50,825 tons compared to the previous day, and SHFE zinc inventory warrants increased by 1,648 tons to 44,329 tons compared to the previous day, which is neutral [2]. - The previous day, Shanghai Zinc showed an oscillating and rebounding trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish factor [2]. - The main net position is long, but the long - position decreased, which is a bullish factor [2]. 3.2 Futures Exchange Zinc Futures Market on September 10 - The trading volume of zinc futures on September 10 was 130,767 lots, with a turnover of 1.44976756 billion yuan. The open interest was 221,749 lots, a decrease of 3,963 lots compared to the previous day [3]. 3.3 Domestic Main Spot Market Quotes on September 10 - The price of zinc concentrate in Chenzhou was 16,750 yuan/ton, a decrease of 70 yuan/ton; the price of zinc ingot was 22,140 yuan/ton, a decrease of 80 yuan/ton; the price of galvanized sheet was 4,041 yuan/unit, a decrease of 2 yuan/unit; the price of galvanized pipe was 4,451 yuan/unit, a decrease of 2 yuan/unit; the price of zinc alloy in Ningbo was 22,640 yuan/ton, a decrease of 100 yuan/ton; the price of zinc powder in Changsha was 27,310 yuan/ton, a decrease of 100 yuan/ton; the price of zinc oxide in Taizhou was 20,600 yuan/unit, unchanged; the price of secondary zinc oxide in Linzhou was 7,857 yuan/ton, unchanged [4]. 3.4 National Main Market Zinc Ingot Inventory Statistics (August 28 - September 8, 2025) - On September 8, the total social inventory of zinc ingots in China's main markets was 1.399 million tons, an increase of 0.065 million tons compared to September 1 and an increase of 0.014 million tons compared to September 4 [5]. 3.5 Futures Exchange Zinc Warrant Report on September 10 - The total zinc warrants on September 10 were 44,329 tons, an increase of 1,648 tons compared to the previous day. Among them, the warrants in Guangdong increased by 1,322 tons, and those in Tianjin increased by 326 tons [6]. 3.6 LME Zinc Inventory Distribution and Statistics on September 10 - On September 10, LME zinc inventory decreased by 200 tons to 50,825 tons compared to the previous day. The registered warrants were 35,450 tons, and the cancelled warrants were 15,375 tons, with a cancellation ratio of 30.25% [7]. 3.7 National Main City Zinc Concentrate Price Summary on September 8 - The price of 50% - grade zinc concentrate in various regions increased by 80 yuan/ton on September 8 [8]. 3.8 National Market Zinc Ingot Smelter Price Quotes on September 8 - The price of 0 zinc ingots from various smelters increased by 120 yuan/ton on September 8 [12]. 3.9 Domestic Refined Zinc Production in June 2025 - 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 exceeded the plan by 2.63%, and the capacity utilization rate was 87.10%. The planned production for July was 470,300 tons [14]. 3.10 Zinc Concentrate Processing Fee Quotes on September 8 - The processing fees for 50% - grade zinc concentrate in different domestic regions ranged from 3,400 to 4,200 yuan/metal ton, and the processing fee for imported 48% - grade zinc concentrate was 80 - 100 US dollars/dry ton [16]. 3.11 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on September 10 - For the contract code zn2510, the total trading volume of members was 133,687 lots, a decrease of 27,362 lots compared to the previous day. The total long - position was 68,560 lots, a decrease of 3,754 lots compared to the previous day, and the total short - position was 68,354 lots, a decrease of 4,735 lots compared to the previous day [17].