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17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22265，基差-10；中性。 3、库存：9月16日LME锌库存较上日减少1175吨至48975吨，9月16日上期所 锌库存仓单较上日增加799吨至52170吨；中性。 4、盘面：昨日沪锌震荡回落走势，收20日均线之 ...

沪锌期货早报-2025年9月15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。 交易咨询业务资格：证监许可【2012】1091号 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22270，基差-35；中性。 3、库存：9月12日LME锌库存较上日减少100吨至50525吨，9月12日上期所 锌库存仓单较上日增加980吨至45905吨；中性。 4、盘面：昨日沪锌震荡反弹走势，收20日均线之上 ...

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12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 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22220，基差-30；中性。 3、库存：9月11日LME锌库存较上日减少200吨至50625吨，9月11日上期所 锌库存仓单较上日增加596吨至44925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 ...

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].

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8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22060，基差-95；中性。 3、库存：9月5日LME锌库存较上日减少700吨至54050吨，9月5日上期所锌 库存仓单较上日减少124吨至40772吨；偏多。 4、盘面：昨日沪锌震荡反弹走势，收20日均线之下,20 ...

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints - The Shanghai zinc futures are expected to fluctuate weakly, specifically the ZN2510 contract [2][19]. 3. Summary by Related 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, production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. Global zinc mine production from January to April was 4.0406 million tons [2]. - The basis is -120 with the spot price at 22,000, indicating a bearish signal [2]. 3.2 Inventory - On September 4, LME zinc inventory decreased by 475 tons to 54,750 tons, and SHFE zinc inventory warrants decreased by 51 tons to 40,896 tons [2]. - The total social inventory of zinc ingots in major Chinese markets increased to 138,500 tons on September 4 from 129,800 tons on August 28 and 133,300 tons on September 1 [5]. 3.3 Futures Market - On September 4, the trading volume of zinc futures contracts was 268,174 lots, and the turnover was 2.96865421 billion yuan. The open interest was 232,424 lots, an increase of 18,399 lots [3]. - For the SHFE zinc contract zn2510, the top three in trading volume were CITIC Futures (53,788 lots, an increase of 19,193 lots), Guotai Junan (46,574 lots, an increase of 7,019 lots), and Dongzheng Futures (42,339 lots, an increase of 15,916 lots). The top three in long positions were Dongzheng Futures (7,592 lots, an increase of 804 lots), Jianxin Futures (7,235 lots, an increase of 189 lots), and CITIC Futures (6,725 lots, a decrease of 1,684 lots). The top three in short positions were CITIC Futures (15,482 lots, a decrease of 162 lots), Dongzheng Futures (11,141 lots, an increase of 4,007 lots), and Guotai Junan (8,842 lots, an increase of 1,567 lots) [17]. 3.4 Spot Market - On September 4, the prices of various zinc - related products in the domestic spot market declined. For example, zinc concentrate in Lin decreased by 220 yuan/ton to 16,640 yuan/ton, and zinc ingots in Aoshi decreased by 270 yuan/ton to 22,000 yuan/ton [4]. - The prices of zinc ingots from different smelters also decreased by 270 yuan/ton. For instance, the price of 0 zinc ingots from Mingnan Zhouting was 22,240 yuan/ton, and that from Guangdong Zhongjin Lingnan was 21,970 yuan/ton [12]. 3.5 Technical Analysis - The previous trading day, Shanghai zinc showed a fluctuating downward trend, closing below the 20 - day moving average, and the 20 - day moving average was downward [2]. - Technically, the price closed below the moving average system, losing the support of the moving average. The short - term indicator KDJ declined and entered the weak area. The trend indicator showed that the long - side strength decreased, the short - side strength increased, and the short - side dominance expanded [19].

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3日 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22170，基差-155；偏空。 3、库存：9月2日LME锌库存较上日减少275吨至55600吨，9月2日上期所锌 库存仓单较上日增加998吨至38955吨；中性。 4、盘面：昨日沪锌震荡下跌走势，收20日均线之下,20日均线向下；偏空。 5、主力持仓：主力净多头，多减；偏多。 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。 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 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The Shanghai zinc futures (ZN2510) are expected to oscillate and weaken. The previous trading day saw the Shanghai zinc futures move in an oscillating pattern, with a shrinking trading volume. Both long and short positions increased in the open interest, with the short - side increasing more significantly. Technically, the price closed below the moving average system, losing the support of the moving averages. The short - term KDJ indicator declined and operated in the weak zone, while the trend indicator showed that the long - side strength decreased and the short - side strength increased, with the short - side advantage expanding [2][19]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In April 2025, the global zinc sheet production was 1153,000 tons, with a consumption of 1,130,200 tons, resulting in a supply surplus of 22,700 tons. From January to April, the global zinc sheet production was 4,451,400 tons, and the consumption was 4,507,900 tons, leading to a supply shortage of 56,500 tons. From January to April, the global zinc ore production was 4,040,600 tons [2]. 3.2 Basis - The spot price was 22,030, and the basis was - 110, indicating a neutral situation [2]. 3.3 Inventory - On August 29, the LME zinc inventory decreased by 1,500 tons to 56,500 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 1,920 tons to 37,957 tons compared to the previous day, showing a neutral situation. The LME inventory warrants continued to decrease, while the Shanghai Futures Exchange warrants remained at a high level [2][6][7]. 3.4 Market Trends - The previous trading day, the Shanghai zinc futures showed an oscillating trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, presenting a bearish signal [2]. 3.5 Main Positions - The main positions were net long, but the long positions decreased, indicating a bullish tendency [2]. 3.6 Futures Exchange Zinc Futures Quotes (August 29) - The trading volume of zinc futures contracts on August 29 totaled 217,677 lots, with a total trading value of 2,405,013,200 yuan. The open interest was 223,691 lots, an increase of 6,874 lots [3]. 3.7 Domestic Main Spot Market Quotes (August 29) - The prices of various zinc - related products such as zinc concentrates, zinc ingots, galvanized sheets, galvanized pipes, zinc alloys, zinc powder, zinc oxide, and zinc sub - oxide in the domestic market on August 29 showed different degrees of decline or remained unchanged [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (August 18 - 28) - From August 18 to 28, the total social inventory of zinc ingots in the main Chinese markets increased from 115,000 tons to 129,800 tons. Compared with August 21, it increased by 12,400 tons, and compared with August 25, it increased by 5,000 tons [5]. 3.9 Futures Exchange Zinc Warrant Report (August 29) - The total zinc warrants on the futures exchange on August 29 were 37,957 tons, an increase of 1,920 tons compared to the previous day. The warrants in different regions such as Shanghai, Guangdong, Jiangsu, Zhejiang, and Tianjin had different changes [6]. 3.10 LME Zinc Inventory Distribution (August 29) - The LME zinc inventory on August 29 was 56,500 tons, a decrease of 1,500 tons compared to the previous day. The registered warrants were 43,500 tons, and the cancelled warrants were 13,000 tons, with a cancellation ratio of 23.01% [7]. 3.11 National Main City Zinc Concentrate Price Summary (August 29) - The prices of 50% - grade zinc concentrates in main cities across the country on August 29 were mostly 16,760 yuan/ton, with a decrease of 110 yuan/ton [8]. 3.12 National Market Zinc Ingot Smelter Price Quotes (August 29) - The prices of 0 zinc ingots from different smelters such as Hunan Zhuzhou Smelter, Liaoning Huludao Zinc Industry, etc. on August 29 all decreased by 120 yuan/ton [12]. 3.13 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, 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 [14]. 3.14 Zinc Concentrate Processing Fee Quotes (August 29) - The zinc concentrate processing fees in different regions on August 29 varied. For example, the processing fee for 50% - grade zinc concentrates in some regions ranged from 3,400 - 4,100 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrates was 80 - 100 US dollars/dry ton [16]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking (August 29) - In the trading and position ranking of zinc futures contracts (zn2510) on the Shanghai Futures Exchange on August 29, the total trading volume of member futures companies was 223,151 lots, a decrease of 16,175 lots compared to the previous day. The total long - position open interest was 76,054 lots, an increase of 2,006 lots, and the total short - position open interest was 80,980 lots, an increase of 2,848 lots [17].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The short - term view suggests that the Shanghai zinc futures (ZN2510) are expected to oscillate and weaken. The previous trading day saw Shanghai zinc decline in an oscillatory manner, with increased trading volume and more short - position increases. Technically, the price fell below the moving - average system, losing support, and the short - term indicators show a bearish sign [2][20]. 3. Summary According to Relevant Catalogs 3.1 Zinc Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons [2]. 3.2 Zinc Basis - The spot price was 22160, and the basis was - 10, showing a neutral situation [2]. 3.3 Zinc Inventory - On August 28, LME zinc inventory decreased by 2025 tons to 58000 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 176 tons to 36037 tons [2]. 3.4 Zinc Futures Market Quotes on August 28 - For different delivery months of zinc futures, prices, trading volumes, and open interests varied. For example, for the 2510 contract, the previous settlement price was 22350, the opening price was 22210, the closing price was 22170, the trading volume was 156406 lots, and the open interest increased by 6801 lots [3]. 3.5 Domestic Spot Market Quotes on August 28 - Prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc., declined. For instance, the price of zinc ingot in Shanghai was 22160 yuan/ton, down 130 yuan/ton [4]. 3.6 National Zinc Ingot Inventory Statistics (August 18 - 28, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 11.50 million tons on August 18 to 12.98 million tons on August 28 [5]. 3.7 Zinc Warehouse Receipt Report on August 28 - Warehouse receipts in different regions had different changes. For example, in Shanghai, the total warehouse receipts increased by 50 tons; in Guangdong, they increased by 101 tons; in Tianjin, they decreased by 327 tons, with a total of 36037 tons and a net decrease of 176 tons [6]. 3.8 LME Zinc Inventory Distribution on August 28 - LME zinc inventory in major global warehouses decreased. For example, in Singapore, the inventory decreased from 60025 tons to 58000 tons, and in Hong Kong, it decreased from 59925 tons to 57900 tons [7]. 3.9 National Zinc Concentrate Price on August 28 - The price of zinc concentrate in Chenzhou was 16870 yuan/ton, down 100 yuan/ton [4]. 3.10 National Zinc Ingot Smelter Price on August 28 - The prices of zinc ingots from different smelters all decreased by 140 yuan/ton. For example, the price of 0 zinc ingot from Hunan Zhuzhou Smelter was 22400 yuan/ton [13]. 3.11 Domestic Refined Zinc Production in June 2025 - The planned production in June was 459700 tons, 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 in July was 470300 tons [15]. 3.12 Zinc Concentrate Processing Fee on August 28 - Processing fees varied by region. For example, in China, for 50% grade zinc concentrate, the average processing fee was 3800 yuan/metal ton; for imported 48% grade zinc concentrate, the average processing fee was 90 dollars/dry ton, up 45 dollars/dry ton [17]. 3.13 SHFE Member Zinc Trading and Position Ranking on August 28 - For the zn2510 contract, in terms of trading volume, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of long - position holdings, the top three were CITIC Futures, Jianxin Futures, and Dongzheng Futures. In terms of short - position holdings, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [18].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term trend of Shanghai Zinc ZN2510 is expected to be in a volatile consolidation phase. The previous trading day saw Shanghai Zinc decline in a volatile manner, with shrinking trading volume. Both long and short positions increased, with the long side increasing slightly more. Technically, the price is above the 60 - day moving average with weak support, short - term indicators KDJ are falling and operating in the weak zone, and trend indicators show that both long and short forces are declining and starting to stalemate [21]. 3. Summary According to Relevant Catalogs 3.1 Zinc 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 factor [2]. - The basis is +60 with the spot price at 22330, indicating a neutral situation [2]. - On August 26, LME zinc inventory decreased by 2550 tons to 65525 tons, and SHFE zinc inventory warrants increased by 1172 tons to 36366 tons, showing a neutral situation [2]. - The previous day, Shanghai Zinc showed a volatile downward trend, closing below the 20 - day moving average with the 20 - day moving average pointing downwards, which is a bearish factor [2]. - The main positions are net short, and short positions increased, which is a bearish factor [2]. 3.2 Zinc Futures Market Quotes - On August 26, for different delivery months of zinc futures, prices generally declined. For example, for the 2510 contract, the previous settlement was 22355, the opening price was 22355, the highest price was 22395, the lowest price was 22245, the closing price was 22270, and the settlement reference price was 22305, with a decline of - 85 and - 50 respectively. The total trading volume was 149597 lots, and the total trading value was 1668458.69 [3]. 3.3 Domestic Spot Market Quotes - On August 26, the price of zinc concentrate in Lin was 17000 yuan/ton, down 10 yuan/ton; the price of zinc ingot in Aoshi was 22330 yuan/ton, down 10 yuan/ton; the price of galvanized sheet in China was 4089 yuan/ton, down 1 yuan/ton; the price of galvanized pipe in China was 4492 yuan/ton, unchanged; the price of zinc alloy in Ningbo was 22830 yuan/ton, down 30 yuan/ton; the price of zinc powder in Changsha was 27430 yuan/ton, down 10 yuan/ton; the price of zinc oxide in Taizhou was 20900 yuan/ton, unchanged; the price of secondary zinc oxide in Lin was 7726 yuan/ton, unchanged [4]. 3.4 National Zinc Ingot Inventory Statistics - From August 14 to August 25, the total social inventory of zinc ingots in major Chinese markets increased from 10.99 million tons to 12.48 million tons. Compared with August 18, it increased by 0.97 million tons, and compared with August 21, it increased by 0.74 million tons [5]. 3.5 Futures Exchange Zinc Warrant Report - On August 26, the total zinc warrants at SHFE were 36366 tons, an increase of 1172 tons. Among them, the warrants in Tianjin increased by 1172 tons to 17844 tons, and the warrants in Guangdong were 18522 tons with no change [6]. 3.6 LME Zinc Inventory Distribution - On August 26, the previous day's LME zinc inventory was 68075 tons, with an inflow of 67975 tons, an outflow of 2550 tons, and the current inventory was 65525 tons, a decrease of 2550 tons [8]. 3.7 National Zinc Concentrate Price Summary - On August 26, the price of 50% - grade zinc concentrate in most regions was around 17000 yuan/ton, with a decline of 10 yuan/ton. For example, in places like Jiyuan, Kunming, and Chifeng, the price was 17000 yuan/ton, 17000 yuan/ton, and 16900 yuan/ton respectively [10]. 3.8 Zinc Ingot Smelter Price Quotes - On August 26, the prices of 0 zinc ingots from different smelters varied. For example, the price of zinc ingots from Hunan Weixiang was 22550 yuan/ton, down 30 yuan/ton; the price of zinc ingots from Sanjing Gangshi was 22880 yuan/ton, up 240 yuan/ton; the price of zinc ingots from Guangdong Zhongjinlingnan was 22280 yuan/ton, down 30 yuan/ton [14]. 3.9 Domestic Refined Zinc Production in June 2025 - In June 2025, the planned production of refined zinc was 45.97 million tons, and the actual production was 47.18 million tons, a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and a 2.63% increase compared with the planned value. The capacity utilization rate was 87.10%, and the planned production for July was 47.03 million tons [16]. 3.10 Zinc Concentrate Processing Fee Quotes - On August 26, the processing fees for 50% - grade zinc concentrate in different regions were different. For example, in Hilt Hel, the average processing fee was 3800 yuan/metal ton; in Huludao, it was 4000 yuan/metal ton. The average processing fee for imported 48% - grade zinc concentrate was 85 US dollars/dry ton [18]. 3.11 SHFE Member Zinc Trading and Position Ranking - For the zn2510 contract on August 26, in terms of trading volume, the top three were CITIC Futures with 25366 lots (down 9946 lots), Dongzheng Futures with 20851 lots (down 9712 lots), and Guotai Junan with 18410 lots (down 4405 lots). In terms of long positions, the top three were CITIC Futures with 14378 lots (down 881 lots), Dongzheng Futures with 6392 lots (up 459 lots), and Guotai Junan with 4899 lots (down 413 lots). In terms of short positions, the top three were CITIC Futures with 12224 lots (up 151 lots), Dongzheng Futures with 10385 lots (up 52 lots), and Guotai Junan with 7208 lots (up 7 lots) [19].