20240607-华泰期货-锌日报_库存延续去化_锌价震荡运行_5页

锌市场分析总结

锌市场报告显示，矿端紧缺逻辑延续，支撑锌价底部，但短期宏观情绪偏弱，实际需求无明显好转。现货方面，LME锌现货升水为-6108美元/吨，SMM上海锌现货价较前一交易日跌20元/吨至24080元/吨；期货方面，沪锌主力合约当日震荡波动，收于24085元/吨，夜盘价格上涨至24265元/吨。库存数据显示，国内SMM七地锌锭库存减少197万吨， continuation in demand stemming from policy initiatives, but profit constraints limit order volumes; government stimulus measures are ongoing but their impact remains uncertain.

Fundamental factors point to persistent zinc concentrate scarcity, with processing fees remaining low; smelter production may be constrained by raw material shortages and ongoing maintenance delays, such as scheduled outages in regions like Shaanxi and Hunan. Key risks include potential overseas smelting capacity resumption, subpar domestic consumption, and unexpected liquidity shifts. Overall, the market is recommended for a high-sell-low-buy strategy due to neutral short-term outlook.

此总结基于报告内容提炼，字数控制在800字以内。