锌期货日报-20251225

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: December 25, 2025 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Yu Feifei, Zhang Ping [3][4] Report Content 1. Market Review - The overseas market saw the Bank of Japan's interest rate hike, and the market's expectation of the Fed's rate cut in January gradually increased. Driven by the expectation of loose liquidity, precious metals led the gains, and base metals closed higher across the board. Shanghai zinc oscillated at a high level, with the main contract closing at 23,230 yuan/ton, up 215 yuan or 0.93%, with increased volume and open interest. The net long position of the top 20 seats increased by 1,760 lots [7]. - On the 24th, LME zinc inventory increased by 7,900 tons to 106,875 tons, with an increase of 8,300 tons in Singapore and a decrease of 400 tons in Port Klang. The easing of concerns about low LME zinc inventory led to a weakening of the structure. In China, the tightness of the mining end continued to be transmitted, with lower processing fees and reduced arrivals supporting the continuous decline of social inventory. Near the end of the year, downstream orders were average, the spot trading atmosphere was weak, and the spot premium declined. The premium in Shanghai was 150 yuan/ton over the 01 contract, Tianjin was at a discount of 90 yuan/ton to Shanghai, and Guangdong was at a discount of 5 yuan/ton to the 02 contract [7]. 2. Industry News - On December 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 23,240 - 23,355 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 23,170 - 23,285 yuan/ton. In the morning, the market quoted a premium of 50 - 70 yuan/ton over the SMM average price, and there were few quotes against the market [8]. - In the Ningbo market, the mainstream price of 0 zinc was around 23,350 - 23,445 yuan/ton. The regular brands in Ningbo quoted a premium of 240 yuan/ton over the 2601 contract and a premium of 150 yuan/ton over the Shanghai spot price. The mainstream in the Ningbo area quoted against the 2601 contract [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 23,100 - 23,230 yuan/ton, and Zijin was traded between 23,140 - 23,260 yuan/ton. The transaction price of 1 zinc ingots was around 22,980 - 23,090 yuan/ton. Zijin quoted a premium of 40 - 60 yuan/ton over the 2601 contract, and Huludao quoted 24,560 yuan/ton. The ordinary 0 zinc quoted a premium of 0 - 30 yuan/ton over the 2601 contract. Tianjin was at a discount of 90 yuan/ton to Shanghai [8]. - In Guangdong, the mainstream transaction price of 0 zinc was between 23,125 - 23,270 yuan/ton. The mainstream brands quoted a discount of 5 yuan/ton against the 2602 contract, and the price difference between Shanghai and Guangdong narrowed [8]. 3. Data Overview - The report includes data on the futures market, such as the opening, closing, highest, and lowest prices, price changes, changes in open interest of Shanghai zinc futures contracts, as well as LME zinc inventory and domestic social inventory data, but specific numerical summaries are not provided in the text [7].