20251120-华泰期货-新能源及有色金属日报_国内现货贴水明显修复_6页_1mb

报告摘要

S spot Market: LME zinc premium was 129.76 dollars/ton. SMM Shanghai zinc spot price increased by 100 yuan/ton to 22420 yuan/ton with a premium/take or pay of 30 yuan/ton. SMM Guangdong zinc spot price rose by 90 yuan/ton to 22360 yuan/ton with a discount of -45 yuan/ton. SMM Tianjin zinc spot price increased by 110 yuan/ton to 22380 yuan/ton with a premium/take or pay of -10 yuan/ton.
Futures Market: SHZinc主力 contract opened at 22360 yuan/ton, closed at 22420 yuan/ton, up 70 yuan/ton, with 91247 contracts traded and 67487 contracts held. Price peaked at 22475 yuan/ton and dipped to 22330 yuan/ton during the day.
Inventory Changes: SMM seven-location zinc inventory decreased by 0.13 million tons to 15.66 million tons. LME zinc inventory increased by 1550 tons to 45075 tons.

Domestic spot backwardation has improved, with fells in the spot market. TC for domestic mines decreased significantly, and abroad TCs also dropped, compressing refining margins.
Refining operations face pressure due to falling TCs, potentially leading to losses for high-cost producers, but overall fundamentals may show improvement from bearish to bullish.
macroeconomically, cues from the US may weaken, offering resilience against price declines. copper demand and other factors not explicitly detail-ed were not covered.