锌期货日报-20260107

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Core Viewpoint - The opening of the 2026 CES focused on AI hardware applications. With strong price increases in silver and copper, key resources for AI computing power expansion, LME copper reached a record high by breaking through $13,000 for the first time. The domestic metal market closed higher across the board, with a strong bullish sentiment. Driven by the strong performance of precious metals and supported by tightened supply in the industrial sector, the center of gravity of Shanghai zinc prices shifted upward [7]. Market Review Futures Market | Contract | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SHFE Zinc 2601 | 23060 | 23335 | 23385 | 23060 | 115 | 0.50 | 11254 | -2476 | | SHFE Zinc 2602 | 23180 | 23380 | 23435 | 23130 | 155 | 0.67 | 93470 | -217 | | SHFE Zinc 2603 | 23180 | 23420 | 23480 | 23165 | 130 | 0.56 | 68747 | 3181 | [7] Market Conditions - The main contract of SHFE zinc closed at 24,295 yuan/ton, up 540 yuan or 2.27%, with increased volume and open interest. The top 20 total long and short positions both increased, with the net long position increasing by 3,457 lots. - The processing fees for zinc mines at home and abroad continued to decline. In December, refined zinc production decreased by 7.2% month-on-month to 552,000 tons. Tightening in the spot market pushed up the spot premium. After the holiday, downstream buyers made small - scale restocking, but the sharp rise in the market led to price - aversion sentiment, resulting in weak spot trading. - The premium in Shanghai market for the 02 contract was 250 yuan/ton, Tianjin market reported a discount of 80 yuan/ton to Shanghai market, and Guangdong market reported a premium of 10 yuan/ton for the 02 contract. - On Monday, the inventory of zinc ingots in seven major locations increased slightly by 8,700 tons to 114,800 tons [7]. Industry News - On January 6, 2026, the mainstream transaction price of 0 zinc was concentrated between 23,655 - 24,210 yuan/ton, and that of 1 zinc was between 23,585 - 24,140 yuan/ton. In the morning, the market quoted a premium of 150 yuan/ton to the SMM average price, with few quotes against the market. - In the Ningbo market, the mainstream brands of 0 zinc were traded at around 23,655 - 24,110 yuan/ton, with a premium of 205 yuan/ton for the 2602 contract and a premium of 100 yuan/ton to the Shanghai spot price. - In the Tianjin market, 0 zinc ingots were mainly traded at 23,440 - 24,060 yuan/ton, and 1 zinc ingots were traded at around 23,290 - 23,820 yuan/ton. Zijin brand reported a premium of 130 - 150 yuan/ton for the 2602 contract, and Huludao brand was priced at 25,470 yuan/ton. The ordinary 0 zinc reported a premium of 30 - 130 yuan/ton for the 2602 contract, and Tianjin market reported a discount of about 80 yuan/ton to Shanghai market. - In Guangdong, 0 zinc was mainly traded at 23,410 - 23,945 yuan/ton, with the mainstream brands quoting a premium of 5 yuan/ton for the 2602 contract, and the price difference between Shanghai and Guangdong widened [8]. Data Overview - The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM weekly inventory of zinc ingots in seven major locations, and LME zinc inventory, with data sources from Wind and SMM, as well as the research and development department of CCB Futures [10][12]