锌：短期回调 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 23430 | -0.74% | 伦锌 3M 电子盘收 | 3139 | -1.84% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 168578 | -20452 | 伦锌成交量（手） | 18374 | -1756 | | （手） | | | | | | | 沪锌主力持仓量 | 83302 | -8072 | 伦锌持仓量（手） | 223499 | 3372 | | （手） | | | | | | | 上海 0# 锌升贴水 | 70 | 5 | LME CASH-3M 升 | 90.6 | -82.21 | | （元/吨） | | | 贴水（美元/吨） | | | | 广东 0# ...

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]