建信期货锌期货日报-20251230

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: December 30, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - Futures Market Quotes: The opening price of SHFE Zinc 2601 was 23,130 yuan/ton, closing at 23,200 yuan/ton, up 90 yuan or 0.39%, with a trading volume of 13,730 lots and a decrease of 3,358 lots in open interest. SHFE Zinc 2602 opened at 23,105 yuan/ton, closed at 23,255 yuan/ton, up 125 yuan or 0.54%, with a trading volume of 93,687 lots and a decrease of 3,738 lots in open interest. SHFE Zinc 2603 opened at 23,130 yuan/ton, closed at 23,285 yuan/ton, up 110 yuan or 0.47%, with a trading volume of 65,566 lots and an increase of 3,134 lots in open interest [7] - Market Analysis: The strong performance of domestic silver and copper drove up the center of gravity of SHFE zinc. LME zinc reached a high of $3,146.5/ton on Monday. The tight domestic mine supply continued to be transmitted, with lower processing fees and reduced arrivals supporting the continuous decline of social inventories. The inventory of zinc ingots in seven major regions on Monday was 111,900 tons, a decrease of 12,600 tons compared with last week. Near the end of the year, most traders closed their accounts, environmental protection restrictions in North China were still in place, demand weakened, the spot trading atmosphere was weak, and the spot premium declined [7] Industry News - Price Range: On December 29, 2025, the mainstream transaction price of 0 zinc was concentrated between 23,250 - 23,635 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 23,180 - 23,565 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at about 23,275 - 23,670 yuan/ton. In the Tianjin market, the 0 zinc ingot was mainly traded at 23,030 - 23,470 yuan/ton, and in the Guangdong market, the 0 zinc was mainly traded at 23,070 - 23,480 yuan/ton [8] - Premium and Discount: In the morning, the market offered a premium of 100 yuan/ton for the next - month ticket against the SMM average price. In Ningbo, the regular brand offered a premium of 240 yuan/ton for the 2601 contract and a premium of 140 yuan/ton for the Shanghai spot. In Tianjin, Zijin offered a premium of 80 - 120 yuan/ton for the 2601 contract, and the common 0 zinc offered a discount of 20 to a premium of 50 yuan/ton for the 2601 contract. In Guangdong, the mainstream brand offered a discount of 5 yuan/ton for the 2602 contract [8] Data Overview - The report includes data on the weekly inventory of zinc ingots in seven major regions by SMM, LME zinc inventory, the price trends of zinc in two markets, and SHFE month - to - month spreads, with data sources from Wind and the Research and Development Department of CCB Futures [11][14][15]