Group 1: Report Industry Investment Rating - Zinc: Short - term correction [1] Group 2: Core View - The report presents the latest market data of zinc, including prices, trading volumes, open interests, premiums, inventories, etc., and indicates a short - term correction trend for zinc. [1] Group 3: Summary by Relevant Catalog Fundamental Tracking - Price: - Shanghai Zinc main contract closing price was 23,430 yuan/ton, down 0.74% [1] - LME Zinc 3M electronic closing price was 3,139 dollars/ton, down 1.84% [1] - Trading Volume: - Shanghai Zinc main contract volume was 168,578 lots, down 20,452 lots [1] - LME Zinc trading volume was 18,374 lots, down 1,756 lots [1] - Open Interest: - Shanghai Zinc main contract open interest was 83,302 lots, down 8,072 lots [1] - LME Zinc open interest was 223,499 lots, up 3,372 lots [1] - Premiums: - Shanghai 0 zinc premium was 70 yuan/ton, up 5 yuan/ton [1] - LME CASH - 3M premium was 90.6 dollars/ton, down 82.21 dollars/ton [1] - Inventory: - Shanghai Zinc futures inventory was 50,703 tons, down 579 tons [1] - LME Zinc inventory was 64,475 tons, up 2,550 tons [1] - Other Products: - 1.0mm hot - dipped galvanized coil tax - included price was 4,113 yuan/ton, unchanged [1] - Shanghai Zamak - 5 zinc alloy price was 24,695 yuan/ton, down 230 yuan/ton [1] News - The "Qiushi" magazine published President Xi Jinping's important article "Expanding domestic demand is a strategic move", emphasizing measures to expand domestic demand including promoting consumption and investment [2] - Hasset's momentum as a candidate for the Fed chair is unstable, and Trump's亲信 recommend Warsh. Hasset's winning probability in the prediction market has dropped from over 80% earlier this month to 51% [3] Trend Intensity - Zinc trend intensity is 0, indicating a neutral view [3]

Report Industry Investment Rating - The investment rating for zinc is "range-bound" [1] Core Viewpoints - The trend strength of zinc is 0, indicating a neutral outlook [3] Summary by Relevant Catalogs Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,355 yuan/ton, and the LME zinc 3M electronic disk closed at 3,050 dollars/ton with a 0.18% increase [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 93,564 lots, a decrease of 17,526 lots, and the LME zinc trading volume decreased by 1,501 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 116,409 lots, a decrease of 3,349 lots, and the LME zinc open interest decreased by 43 lots [1] - **Premium**: The premium of Shanghai 0 zinc was -30 yuan/ton, an increase of 10 yuan/ton, and the LME CASH - 3M premium was 85.57 dollars/ton, a decrease of 10.45 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 67,774 tons, an increase of 650 tons, and LME zinc inventory was 35,300 tons, an increase of 400 tons [1] News - US Treasury Secretary Besent said that if inflation declines, the Fed should cut interest rates, and Trump has not imposed a 10% tariff on Canada [2] - Three Fed officials opposed the October rate cut, while Waller supported a December rate cut. The market currently expects a 61% chance of another rate cut by the end of the year, down from 92% before Powell's speech [2][3]