锌期货日报-20260108

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: January 8, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - No investment rating information provided in the report. Core View - The non - ferrous metals sector was driven by the strong performance of precious metals, and the supply tightening at the industrial end supported the upward shift of the zinc price center. However, the rapid short - term rally has accumulated certain correction risks. With the continuation of the current macro - narrative trend, Shanghai zinc has entered a high - level oscillation. [7] Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc 2601, the opening price was 24,340 yuan/ton, the closing price was 24,315 yuan/ton, with a rise of 135 and a gain of 0.56%. The open interest was 5,100, a decrease of 720. For SHFE zinc 2602, the opening price was 24,300 yuan/ton, the closing price was 24,330 yuan/ton, with a rise of 195 and a gain of 0.81%. The open interest was 91,603, a decrease of 4,856. For SHFE zinc 2603, the opening price was 24,365 yuan/ton, the closing price was 24,370 yuan/ton, with a rise of 180 and a gain of 0.74%. The open interest was 89,378, a decrease of 2,303. The main contract of SHFE zinc closed at 24,330 yuan/ton, up 195, with a gain of 0.81%, showing increased volume and decreased open interest. The top 20 positions in total open interest reduced both long and short positions, with a net long position decrease of 14 lots. [7] - Inventory and Premium: On January 7, LME zinc inventory decreased by 275 tons to 105,500 tons. The domestic zinc concentrate processing fees continued to decline. In December, refined zinc production decreased by 7.2% month - on - month to 552,000 tons. Some spot circulation tightened, driving up the spot premium. After the holiday, downstream buyers made small - scale replenishments, but the sharp rise in the futures price led to a resurgence of high - price aversion. The spot trading was light. The premium in Shanghai market for contract 02 was 240 yuan/ton, Tianjin market reported a discount of 80 yuan/ton to Shanghai market, and the premium in Guangdong market for contract 02 was 20 yuan/ton. On Monday, the inventory of zinc ingots in seven major areas increased slightly by 0.87 million tons to 1.148 million tons. [7] 2. Industry News - Price and Premium in Different Markets: On January 7, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,335 - 24,650 yuan/ton, and that of Shuangyan brand was between 24,475 - 24,740 yuan/ton. The mainstream transaction price of 1 zinc was between 24,265 - 24,580 yuan/ton. In the morning, the market quoted a premium of 120 - 140 yuan/ton to the SMM average price. [8] - Ningbo Market: The mainstream brand 0 zinc in Ningbo market was traded at around 24,345 - 24,610 yuan/ton. The regular brands in Ningbo quoted a premium of 200 yuan/ton to the 2602 contract and a premium of 90 yuan/ton to the Shanghai spot price. [8] - Tianjin Market: The 0 zinc ingots in Tianjin market were mainly traded between 24,180 - 24,500 yuan/ton, and the Zijin brand was traded between 24,250 - 24,540 yuan/ton. The 1 zinc ingots were traded around 24,030 - 24,300 yuan/ton. Zijin quoted a premium of 100 - 130 yuan/ton to the 2602 contract, and the ordinary 0 zinc quoted a premium of 30 - 90 yuan/ton to the 2602 contract. Tianjin market reported a discount of about 80 yuan/ton to Shanghai market. [8] - Guangdong Market: The mainstream 0 zinc in Guangdong was traded between 24,165 - 24,450 yuan/ton. The mainstream brands quoted a premium of 20 yuan/ton to the 2602 contract, and the price difference between Shanghai and Guangdong markets narrowed. [8] 3. Data Overview - The report presented several data charts, including the price trends of zinc in two markets, SHFE monthly spreads, SMM weekly inventory of zinc ingots in seven major areas, and LME zinc inventory, but did not provide specific data analysis in the text. [10][12]