锌期货日报-20251231

General Information - Report Title: Zinc Futures Daily Report [1] - Date: December 31, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Report Industry Investment Rating - No relevant content provided. Core Viewpoints - Market sentiment cooled, with non-ferrous metals showing mixed performance. Shanghai zinc oscillated at a high level in the afternoon, closing at 23,380 yuan/ton, up 155 yuan or 0.67%, with reduced volume and positions. The top 20 seats increased both long and short positions. LME zinc was trading around $3,115/ton, and on the 30th, LME zinc inventories decreased by 300 tons to 106,325 tons [7]. - The tightness in the domestic mining end continued to spread. The decline in processing fees and reduced arrivals supported the continuous reduction of social inventories. The zinc ingot inventory in seven major areas at the beginning of the week was 111,900 tons, a decrease of 12,600 tons compared to last week [7]. - As the year - end approached, most traders closed their accounts. Environmental protection restrictions in North China were still in place, demand weakened, the spot trading atmosphere was dull, and the spot premium declined. The Shanghai market had a premium of 210 yuan/ton over 01, Tianjin was at a discount of 100 yuan/ton to the Shanghai market, and Guangdong reported a discount of 5 yuan/ton to 02 [7]. - Driven by the strong performance of precious metals, the sentiment in the non - ferrous metal sector improved. Coupled with the tightening supply at the industrial end, Shanghai zinc showed a relatively strong oscillating trend. However, the short - term rapid increase had accumulated certain callback risks. With the New Year's Day holiday approaching, market funds tended to take profits for risk - avoidance reasons, and position - holding risks needed to be vigilant [7]. Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2601, it opened at 23,060 yuan/ton, closed at 23,335 yuan/ton, with a high of 23,385 yuan/ton, a low of 23,060 yuan/ton, up 115 yuan or 0.50%, and the position decreased by 2,476 to 11,254. For SHFE zinc 2602, it opened at 23,180 yuan/ton, closed at 23,380 yuan/ton, with a high of 23,435 yuan/ton, a low of 23,130 yuan/ton, up 155 yuan or 0.67%, and the position decreased by 217 to 93,470. For SHFE zinc 2603, it opened at 23,180 yuan/ton, closed at 23,420 yuan/ton, with a high of 23,480 yuan/ton, a low of 23,165 yuan/ton, up 130 yuan or 0.56%, and the position increased by 3,181 to 68,747 [7]. - Spot market: The tightness in the domestic mining end led to a decline in processing fees and reduced arrivals, supporting the continuous reduction of social inventories. The demand weakened as the year - end approached, and the spot premium declined [7]. 2. Industry News - On December 30, 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 [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 23,275 - 23,670 yuan/ton, with a premium of 240 yuan/ton over the 2601 contract and a premium of 140 yuan/ton over the Shanghai spot [8]. - In the Tianjin market, the 0 zinc ingot was mainly traded between 23,030 - 23,470 yuan/ton, and Zijin was traded between 23,130 - 23,540 yuan/ton. The 1 zinc ingot was traded around 22,930 - 23,310 yuan/ton. Zijin had a premium of 80 - 120 yuan/ton over the 2601 contract, and the ordinary 0 zinc had a discount of 20 to a premium of 50 yuan/ton over the 2601 contract. Tianjin was at a discount of about 100 yuan/ton to the Shanghai market [8]. - In the Guangdong market, the mainstream 0 zinc was traded between 23,070 - 23,480 yuan/ton, with a discount of 5 yuan/ton over the 2602 contract, and the price difference between Shanghai and Guangdong widened [8]. 3. Data Overview - The report presents data on the weekly inventory of SMM seven - area zinc ingots, LME zinc inventories, the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and SMM [11][14]