位置：中游情绪：利空参考度：5/10
2026年欧洲锌合约谈判进展慢于预期。伦敦金属交易所（LME）的深度现货溢价，因库存极低而引发不确定性。10月9日，在仓锌库存降至22850吨，为2023年2月以来最低。目前仓库库存为43750吨，自2025年初已减少75%。因此，生产商不愿锁定远期销售，而消费者难以预测价格。
市场参与者称，上月LME现货对3个月期货价差激增至近300美元/吨，表明短期供应严重紧张。尽管溢价略有缓解至约130美元/吨，买家仍持谨慎态度。原始设备制造商放缓订单，增加了特殊高级（SHG）锌需求的不确定性。结果是，生产商和消费者在签署2026年合约...
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If the International Lead and Zinc Study Group predicts a 2026 global zinc surplus, why are some producers still demanding a high premium like $250 per ton? Won’t the predicted surplus ease the supply – demand situation and thus lower the premium? Also, with some US buyers already covering early 202…