Core Viewpoint - The domestic zinc prices continue to rise, supported by macroeconomic factors and production cost increases, but face pressure from weak demand and inventory accumulation expectations [2][3]. Group 1: Market Performance - Today's Shanghai zinc futures opened strong, with the main contract 2603 starting at 25,280 yuan/ton, reaching a high of 25,280 yuan/ton and a low of 24,710 yuan/ton, closing at 24,950 yuan/ton, up 190 yuan, or 0.77% [1]. - The trading volume for the Shanghai zinc 2603 contract was 255,674 lots, an increase of 47,753 lots, while open interest decreased by 2,681 lots to 118,946 lots [1]. - The latest price for London zinc was reported at 3,335 USD, down 16 USD [1]. Group 2: Price Statistics - The ccmn comprehensive zinc price for 0 zinc was reported between 24,710-24,810 yuan/ton, with an average of 24,760 yuan, up 40 yuan; 1 zinc was between 24,630-24,730 yuan/ton, averaging 24,680 yuan, also up 40 yuan [1]. - In Guangdong, the 0 zinc price ranged from 24,500-24,800 yuan/ton, averaging 24,650 yuan, up 60 yuan; 1 zinc was between 24,430-24,730 yuan/ton, averaging 24,580 yuan, also up 60 yuan [1]. - The current spot zinc market quotes for 0 zinc are between 24,700-24,810 yuan/ton, and for 1 zinc between 24,630-24,730 yuan/ton [1]. Group 3: Macroeconomic Factors - The U.S. Department of Commerce reported a 5.3% increase in durable goods orders, the largest growth in six months, driven by orders for commercial aircraft and other capital equipment [2]. - Market expectations for a potential U.S. government shutdown by the end of January have risen to 78%, up from less than 10% the previous week [2]. - Rising natural gas prices in Europe and the U.S. due to cold weather have increased production costs for overseas smelters, supporting higher zinc prices [2]. Group 4: Supply and Demand Dynamics - Domestic zinc processing fees have stabilized weakly, with some smelters reducing production; however, downstream companies are facing pressure from poor orders and high raw material prices, leading to increased inventory expectations [2]. - The current market shows active selling by holders, but the total demand from downstream for replenishment is not keeping pace, resulting in a gradual adjustment of spot premiums [2]. - Overall, the market sentiment remains cautious, with limited increases in overall transaction volumes [2]. Group 5: Price Outlook - Short-term support for zinc prices comes from a weak dollar and rising costs, but weak demand and inventory accumulation expectations are exerting pressure, leading to an anticipated range-bound and slightly strong price trend [3].
长江有色：27日锌价续涨 现货总体成交增量有限
Xin Lang Cai Jing·2026-01-27 08:31