锌期货日报-20260114

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: January 14, 2026 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Report Industry Investment Rating - Not provided Core View - The current rise in zinc prices is mainly driven by the strength of gold and silver and sector sentiment, deviating from fundamental support to some extent. Although prices may remain strong in the short - term under the macro - environment, the constraints of environmental protection and the inhibitory effect of high prices on demand are accumulating, and the market should be vigilant against the callback risk caused by the decline of sentiment [7] Summary by Directory 1. Market Review - Futures Market Quotes: In the futures market, for the 2601 contract of Shanghai zinc, it opened at 24,155 yuan/ton, closed at 24,200 yuan/ton, with a high of 24,600 yuan/ton, a low of 24,150 yuan/ton, a rise of 160 yuan, a rise rate of 0.67%, and the position decreased by 90 to 1,915. The 2602 contract opened at 24,215 yuan/ton, closed at 24,235 yuan/ton, with a high of 24,735 yuan/ton, a low of 24,035 yuan/ton, a rise of 205 yuan, a rise rate of 0.85%, and the position decreased by 5,011 to 68,022. The 2603 contract opened at 24,290 yuan/ton, closed at 24,280 yuan/ton, with a high of 24,785 yuan/ton, a low of 24,060 yuan/ton, a rise of 210 yuan, a rise rate of 0.87%, and the position increased by 9,828 to 111,306 [7] - Market Situation: A - shares ended 17 consecutive positive days, and the commodity market showed mixed performance. Shanghai zinc formed a long - upper - shadow positive candlestick, reaching a high of 24,735 yuan/ton during the day, then falling back in the afternoon, with the increase narrowing. The net short position slightly expanded, the Shanghai - London ratio weakened to 7.58, and the import loss of zinc ingots was 1,989 yuan/ton, with the import window remaining closed [7] - Industry Fundamentals: Domestically - produced ore remained tight, and the domestic weekly TC average price was flat at 1,500 yuan/metal ton. Although the import window for imported ore was open, due to low processing fees and weak purchasing sentiment, the transaction was difficult to improve. In December, the output of refined zinc decreased significantly month - on - month. Although the output in January is expected to rise slightly, the supply pressure is limited. On the demand side, environmental protection warnings in the northern region reappeared, combined with the seasonal off - season and high zinc prices, the downstream purchasing willingness was generally weak, and the spot premium declined [7] 2. Industry News - Price Range on January 13, 2026: The mainstream transaction price of 0 zinc was concentrated between 24,135 - 24,280 yuan/ton, and that of Shuangyan zinc was between 24,325 - 24,480 yuan/ton. The mainstream transaction price of 1 zinc was between 24,065 - 24,210 yuan/ton [8] - Regional Market Quotes: In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,165 - 24,280 yuan/ton, with a premium of 175 yuan/ton over the 2602 contract and a premium of 100 yuan/ton over the Shanghai spot. In the Tianjin market, 0 zinc ingots were traded at 24,010 - 24,180 yuan/ton, and the premium of Zijin zinc over the 2602 contract was 50 - 100 yuan/ton. In the Guangdong market, 0 zinc was traded at 23,955 - 24,175 yuan/ton, with a premium of 20 yuan/ton over the 2602 contract, and the price difference between Shanghai and Guangdong narrowed [8][9] 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [11][17]