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 | ...

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].

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]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of zinc show a mixed picture, with some factors being bullish and others neutral or bearish. The overall expectation for Shanghai zinc ZN2509 is to oscillate and strengthen [2]. - The previous trading day saw Shanghai zinc oscillate and rise, with a shrinking volume and both long and short positions reducing, but the short - side reducing more. The short - term market may oscillate and consolidate, and technically, the price is above the moving average system, with the short - term indicator KDJ rising and running in the strong zone, while the trend indicator shows that the long - side strength is decreasing and the short - side strength is increasing, with the short - side having a slight advantage [19]. Summary by Relevant Catalogs 1. Zinc Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is bullish [2]. - The basis is - 100 with a spot price of 22530, being neutral [2]. - On August 12, LME zinc inventory decreased by 875 tons to 79550 tons, and SHFE zinc inventory warrants increased by 274 tons to 15768 tons, being neutral [2]. - The previous day, Shanghai zinc showed an oscillating and rising trend, closing above the 20 - day moving average with the 20 - day moving average rising, which is bullish [2]. - The main net position is short, and the short position is decreasing, which is bearish [2]. 2. Zinc Futures Market on August 12 - The trading volume of zinc futures contracts on August 12 varied by delivery month. For example, the 2509 contract had a trading volume of 79971 lots and a turnover of 901564490 yuan [3]. 3. Domestic Spot Market on August 12 - The prices of zinc - related products in the domestic spot market on August 12 showed different trends. Zinc concentrate in Linzhou was 17160 yuan/ton, down 20 yuan/ton; zinc ingot was 22530 yuan/ton, down 20 yuan/ton; galvanized sheet was 4120 yuan/ton, up 23 yuan/ton; galvanized pipe was 4512 yuan/ton, up 13 yuan/ton; zinc alloy in Ningbo was 23050 yuan/ton, down 30 yuan/ton; zinc powder in Changsha was 27590 yuan/ton, down 30 yuan/ton; zinc oxide in Taizhou was 20850 yuan/ton, unchanged; and secondary zinc oxide in Linzhou was 7729 yuan/ton, unchanged [4]. 4. Zinc Ingot Inventory Statistics - From July 31 to August 11, the total social inventory of zinc ingots in major Chinese markets increased from 84400 tons to 99000 tons. Compared with August 4, it increased by 11800 tons, and compared with August 7, it increased by 7700 tons [5]. 5. Zinc Warehouse Receipt Report on August 12 - The total zinc warehouse receipts on August 12 were 15768 tons, an increase of 274 tons. Guangdong had 5482 tons with an increase of 225 tons, and Tianjin had 10286 tons with an increase of 49 tons [6]. 6. LME Zinc Inventory on August 12 - On August 12, LME zinc inventory decreased by 875 tons to 79550 tons [2][7]. 7. Zinc Concentrate Price on August 12 - The price of 50% - grade zinc concentrate in major domestic regions on August 12 was mostly 17160 yuan/ton, down 20 yuan/ton, except in Hechi (16960 yuan/ton) and Longnan (17110 yuan/ton) [8]. 8. Zinc Ingot Smelter Price on August 12 - The prices of 0 zinc ingots from major smelters on August 12 all decreased by 30 yuan/ton, with prices ranging from 22290 yuan/ton (Yunnan Chihong Zinc & Germanium) to 22920 yuan/ton (Liaoning Huludao Zinc Industry) [12]. 9. 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, 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 470300 tons [14]. 10. Zinc Concentrate Processing Fee on August 12 - The processing fees for 50% - grade zinc concentrate in different domestic regions on August 12 ranged from 3400 to 4100 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 70 US dollars/dry ton [16]. 11. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on August 12 - The total trading volume of zinc contracts among members of the Shanghai Futures Exchange on August 12 was 126968 lots, a decrease of 8228 lots. The total long position was 57632 lots, a decrease of 3363 lots, and the total short position was 56690 lots, a decrease of 5486 lots [17].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The previous trading day saw a fluctuating upward trend in Shanghai zinc futures, closing with a positive candlestick. The trading volume increased, and both long and short positions reduced their holdings by a similar margin, resulting in a volume - shrinking upward movement. The price rose while bulls exited to wait and see, and bears also adopted a wait - and - see attitude. In the short term, the market may experience a fluctuating consolidation. Technically, the price closed above the moving average system, strengthening the moving average support. Short - term indicators KDJ rose and operated in the strong zone; the trend indicator rose, with the bullish power increasing and the bearish power decreasing, and the long - short forces were in a stalemate. The operation suggestion is that Shanghai zinc ZN2509 will fluctuate and consolidate [19]. Summaries by Relevant Catalogs 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. 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]. - The basis is +40 with the spot price at 22,550, indicating a neutral situation [2]. - On August 11, LME zinc inventory decreased by 1,075 tons to 80,425 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 1,148 tons to 15,494 tons compared to the previous day, showing a neutral situation [2]. - The Shanghai zinc futures showed a fluctuating upward trend in the previous trading day, closing above the 20 - day moving average, and the 20 - day moving average was upward, which is a bullish factor [2]. - The main positions are net short, and the short positions are decreasing, which is a bearish factor [2]. 2. Futures Exchange Zinc Futures Quotes (August 11) - The total trading volume of zinc futures on August 11 was 157,190 lots, with a total trading value of 1.7742915 billion yuan. The total open interest was 213,578 lots, an increase of 4,712 lots [3]. 3. Domestic Main Spot Market Quotes (August 11) - The price of zinc concentrate in Lin was 17,180 yuan/ton, an increase of 20 yuan/ton; the price of zinc ingots in Shanghai was 22,550 yuan/ton, an increase of 30 yuan/ton; the price of galvanized sheets in China was 4,097 yuan/unit, an increase of 9 yuan/unit; the price of galvanized pipes in China was 4,499 yuan/unit, an increase of 5 yuan/unit; the price of zinc alloy in Ningbo was 23,080 yuan/ton, an increase of 60 yuan/ton; the price of zinc powder in Changsha was 27,620 yuan/ton, an increase of 60 yuan/ton; the price of zinc oxide in Taizhou remained unchanged at 20,850 yuan/ton; the price of secondary zinc oxide in Lin remained unchanged at 7,729 yuan/ton [4]. 4. National Main Market Zinc Ingot Inventory Statistics (July 31 - August 11, 2025) - As of August 11, the total social inventory of zinc ingots in major Chinese markets was 990,000 tons, an increase of 118,000 tons compared to August 4 and an increase of 77,000 tons compared to August 7 [5]. 5. Futures Exchange Zinc Warrant Report (August 11) - The total zinc warrants on August 11 were 15,494 tons, an increase of 1,148 tons. Among them, the warrants in Shanghai decreased by 25 tons, those in Guangdong increased by 1,198 tons, and those in Tianjin decreased by 25 tons [6]. 6. LME Zinc Inventory Distribution and Statistics (August 11) - On August 11, the LME zinc inventory was 80,425 tons, a decrease of 1,075 tons compared to the previous day. The registered warrants were 34,700 tons, and the cancellation ratio was 43.15% [7]. 7. National Main City Zinc Concentrate Prices (August 11) - No detailed price data is provided in the report, only the title is given [9]. 8. National Market Zinc Ingot Smelter Price Quotes (August 11) - The prices of 0 zinc ingots from different smelters all increased by 60 yuan/ton. For example, the price of zinc ingots from Hunan Zhuzhou Smelter was 22,890 yuan/ton, from Liaoning Huludao Zinc Industry was 22,950 yuan/ton, from Guangdong Zhongjin Lingnan was 22,620 yuan/ton, etc. [13]. 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 in July was 470,300 tons [15]. 10. Zinc Concentrate Processing Fee Quotes (August 11) - The processing fees for zinc concentrates in different regions vary. For example, in some regions with a 50% grade, the average processing fee ranges from 3,500 to 4,000 yuan/metal ton, and the import processing fee for 48% grade is 70 US dollars/dry ton [17]. 11. Shanghai Futures Exchange Member Zinc Trading and Position Ranking (August 11) - For the zn2509 contract, in terms of trading volume, the top three are CITIC Futures (25,363 lots, an increase of 2,137 lots), Guotai Junan (22,104 lots, an increase of 1,035 lots), and Dongzheng Futures (13,309 lots, an increase of 417 lots). In terms of long positions, the top three are CITIC Futures (8,354 lots, a decrease of 395 lots), Dongzheng Futures (7,503 lots, an increase of 130 lots), and Guotai Junan (6,357 lots, a decrease of 533 lots). In terms of short positions, the top three are CITIC Futures (8,047 lots, a decrease of 240 lots), Shenwan Futures (5,833 lots, an increase of 461 lots), and Dongzheng Futures (5,593 lots, an increase of 733 lots) [18].