成交平淡按需采购 预计锌价偏强调整

Group 1 - On January 5, the spot price of 0 zinc ingots in Shanghai was quoted at 23,970.00 CNY/ton, which is a premium of 150.0 CNY/ton over the futures main price of 23,820.00 CNY/ton [1] - The national zinc price overview on January 5 shows various market prices for 0 zinc ingots, with Shanghai prices ranging from 24,020 CNY/ton to 24,070 CNY/ton, while prices in Guangdong were at 23,720 CNY/ton [2] - The Shanghai Futures Exchange reported a closing price of 23,820.00 CNY/ton for the main zinc futures contract on January 5, with a daily increase of 2.25% and a trading volume of 141,147 contracts [2] Group 2 - As of January 5, the zinc futures warehouse receipts on the Shanghai Futures Exchange totaled 41,374 tons, a decrease of 1,045 tons from the previous trading day [3] - Domestic zinc smelters are continuing to reduce production, with January zinc ingot output expected to remain stable month-on-month despite a seasonal consumption slowdown [3] - The macroeconomic outlook indicates that policy expectations should align with market expectations, avoiding a situation where the market and policy are in conflict [4] Group 3 - The upstream zinc ore import volume is declining due to unfavorable internal and external price comparisons, leading to increased losses in importing zinc concentrate [4] - Domestic smelters are starting winter raw material reserves and are more inclined to purchase domestic zinc concentrate, although competition for domestic ore is intensifying [4] - The downstream market is shifting towards a seasonal slowdown, with the real estate sector dragging down demand, while some support is seen in the automotive sector [4]