【锌：增仓上行，关注流动性变化】金十期货11月27日讯，国泰君安期货点评：伦锌注销仓单比例由4%陡增至22%，且远端合约上持仓集中度较高，同时，国内近月合约持仓库存比相对偏高。内外流动性风险抬升，锌增仓上行，2412-2501合约Back结构走阔，短期内盘面情绪相对亢奋。基本面实则表现为供需双弱，冶炼端以低开工换取原料库存累增空间，国内实际消费边际增量不显著的背景下，高价反噬国内下游补库需求，现货升贴水承压，下游原料库存偏低，社会库存处于历史同期中位。关注持仓量等流动性变化，以及后续流动性溢价回吐的可能性。就中长期角度，在2025年TC Benchmark落定前的预期博弈阶段中，需进一步跟踪供应端消息，炼厂与矿山的消息或实际干扰可能偏强。
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