12日有色宝长江A00铝21640～21680均价21660涨30,前三日均价21550,前五日均价21460 | 品名 | 区间 均价 | | 涨跌 | 日期 | | --- | --- | --- | --- | --- | | 铝 | 21640-21680 | 21660 | +30 | 11-12 | | 铜 | 87020-87040 | 87030 | +80 | 11-12 | | 铝 | 17300-17400 | 17350 | +50 | 11-12 | | 0#锌 | 22120-23120 | 22620 | -30 | 11-12 | | 1#锌 | 22470-22570 22520 | | -30 | 11-12 | | 锡 | 289800-291800 290800 +3000 | | | 11-12 | | 境 | 118850-121850 120350 -1050 | | | 11-12 | 来源：世铝网 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 12, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - The low PPI in the US since June has strengthened the expectation of interest rate cuts, leading to a decline in the US dollar. The main contract of Shanghai zinc closed at 22,250 yuan/ton, up 80 yuan or 0.36%, with increased volume and decreased positions. The domestic fundamental weakness remains unchanged, and it will take time for the consumer side to improve. The inflection point of social inventory reduction has not appeared, and Shanghai zinc fluctuates in the middle and lower tracks of the Bollinger Bands [7]. Summary by Directory 1. Market Review - US PPI hit a new low since June, strengthening the expectation of interest rate cuts and causing the US dollar to fall. The main contract of Shanghai zinc closed at 22,250 yuan/ton, up 80 yuan or 0.36%, with increased volume and decreased positions. The 09 - 10 spread was -65 yuan/ton. In August, the refined zinc output was 626,200 tons, a year-on-year increase of 28.7%. The refined zinc output in September was slightly adjusted down but is still expected to be above 600,000 tons. The logistics and production restrictions in North and Central China have been lifted, and the galvanizing start - up rate is expected to increase month - on - month. The inventory in Tianjin has decreased slightly, while the inventory in Shanghai and Guangdong has increased. The total social inventory of zinc ingots in seven regions has increased by 0.21 million tons to 15.42 million tons. LME zinc inventory has decreased by 200 tons to 50,825 tons. The concern about overseas refined zinc supply has caused a spot premium, and the 0 - 3B has strengthened to $23.01/ton, supporting LME zinc [7]. 2. Industry News - On September 11, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,205 - 22,265 yuan/ton, and that of Shuangyan was between 22,325 - 22,385 yuan/ton. The mainstream transaction price of 1 zinc was between 22,135 - 22,195 yuan/ton. In the morning, the market quoted a premium of 30 - 40 yuan/ton over the SMM average price. In the second trading session, the ordinary domestic zinc was quoted at a discount of 20 yuan/ton to the 2510 contract, Honglu - v was at par with the 2510 contract, Huize was at a premium of 60 yuan/ton to the 2510 contract, and the high - end brand Shuangyan was at a premium of 100 yuan/ton to the 2510 contract [8]. - In the Ningbo market, the mainstream transaction price of 0 zinc was around 22,205 - 22,255 yuan/ton. The regular brands in Ningbo were quoted at a discount of 35 yuan/ton to the 2510 contract and at a premium of 30 yuan/ton to the Shanghai spot price. In the first trading period, Qilin was quoted at a premium of 10 yuan/ton to the 2510 contract, Anning was at a discount of 30 - 20 yuan/ton to the 2510 contract, Honglu - v was at par with the 2510 contract, and Jiulong was quoted at a discount of 10 yuan/ton to the 2510 contract for delivery [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 22,150 - 22,240 yuan/ton, and that of Zijin was between 22,200 - 22,260 yuan/ton. The transaction price of 1 zinc ingots was around 22,110 - 22,170 yuan/ton, and the price of Huludao was 22,980 yuan/ton. The ordinary 0 zinc was quoted at a discount of 40 - 80 yuan/ton to the 2510 contract, and Zijin was at a discount of 20 - 30 yuan/ton to the 2510 contract. The Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market [8]. - In Guangdong, the mainstream transaction price of 0 zinc was between 22,090 - 22,190 yuan/ton. The mainstream brands were quoted at a discount of 105 yuan/ton to the 2510 contract and at a discount of 40 yuan/ton to the Shanghai spot price. The price difference between Shanghai and Guangdong has widened [9]. 3. Data Overview - The report provides figures on the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM seven - region zinc ingots, and LME zinc inventory, with data sources including Wind and SMM, and the research and development department of Jianxin Futures [13][14]

Group 1: Overall Information - Report Title: Zinc Futures Daily Report [1] - Date: September 3, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Quotes: The Shanghai Zinc futures showed a volatile and slightly stronger trend, with the main contract closing at 22,325 yuan/ton, up 130 yuan or 0.59%. Different contracts had different price movements and changes in open interest. For example, the 2510 contract opened at 22,175 yuan/ton, reached a high of 22,380 yuan/ton, and closed at 22,325 yuan/ton, with an open interest of 107,662 lots, a decrease of 8,523 lots. [7] - Market Analysis: The divergence between domestic and foreign markets intensified, and the processing fee continued to rise. Although affected by news from Guangxi smelters in the short term, the zinc ingot production remained at a high level. On the demand side, policies provided support, but the short - term performance was weak. Production restrictions in North China suppressed galvanizing consumption. The pressure of supply - demand surplus was reflected in inventory. The social inventory on Monday increased to 146,300 tons, while the LME zinc inventory decreased by 275 tons to 55,600 tons, the lowest level since May 2023. The 0 - 3 spread B strengthened to 14.98. The continuous de - stocking of LME supported the zinc price. With limited macro - guidance and continuous divergence between domestic and foreign markets, the Shanghai Zinc futures oscillated at the bottom. [7] Group 3: Industry News - Price Quotations in Different Regions: On September 2, 2025, in different markets, the prices of 0 zinc, 1 zinc, and high - end brands varied. For example, in the mainstream market, 0 zinc was traded at 22,145 - 22,275 yuan/ton, and the high - end brand Shuangyan was traded at 22,305 - 22,425 yuan/ton. Different regions had different price spreads and quotes relative to contracts. In Ningbo, the mainstream brand 0 zinc was traded at 22,185 - 22,295 yuan/ton, and the quotes relative to the 2509 contract were mostly at a discount. In Tianjin, 0 zinc was traded at 22,080 - 22,160 yuan/ton, and the quotes relative to the 2509 contract were also at a discount. In Guangdong, 0 zinc was traded at 22,010 - 22,150 yuan/ton, and the quotes relative to the 2510 contract were at a discount. [8] Group 4: Data Overview - Charts: The report presented charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory. The data sources were Wind, SMM, and the research and development department of Jianxin Futures. [11][12]