锌期货日报-20260120

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: January 20, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided in the report Core Viewpoints - The market has gradually digested the news of LME suspending Korea Zinc's delivery permission, and the market sentiment in the confrontation between the US and Europe has become cautious. Short - term long - term funds have loosened. The long - short game in the market has intensified, and the combination of mood withdrawal and high - price suppression effects has led to a high - level correction. The short - term technical support can be focused on the 24,000 yuan/ton line [7] Summary by Directory 1. Market Review - Futures Market Quotes: The main contract of SHFE Zinc closed at 24,450 yuan/ton, down 475 yuan or 1.91%, with shrinking volume and reduced positions. The trading volume decreased by 13,597 lots to 128,677 lots. Among them, the 2602 contract closed at 24,410 yuan/ton, down 435 yuan or 1.75%; the 2604 contract closed at 24,490 yuan/ton, down 435 yuan or 1.75% [7] - Industry Aspects: As the SHFE - LME ratio rebounds, the zinc ore import window continues to open, but the actual increase in imported ore is limited due to the constraint of previous import losses. The imported ore processing fee continues to decline, and the weekly average domestic TC is flat at 1,500 yuan/metal ton. The decline of the overall TC has eased and may be approaching the stage bottom. The refined zinc output in December decreased significantly. Although the output in January is expected to rise slightly, the zinc ingot import window is still closed, and the supply pressure is limited [7] - Demand Side: Affected by the environmental protection warning in the north and high zinc prices, the primary consumption start - up has declined. After the end of the environmental protection production - restriction policy this week, affected enterprises may gradually resume production. However, in the seasonal off - season and with high zinc prices squeezing the profit space of downstream enterprises, some enterprises have entered equipment maintenance and holiday in advance, and the start - up recovery is expected to be limited [7] 2. Industry News - On January 19, 2026, the mainstream transaction price of 0 zinc was concentrated at 24,135 - 24,280 yuan/ton, Shuangyan was traded at 24,325 - 24,480 yuan/ton, and 1 zinc was traded at 24,065 - 24,210 yuan/ton. In the morning, the market quoted a premium of 50 - 60 yuan/ton to the SMM average price, and there were almost no quotes against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at about 24,165 - 24,280 yuan/ton. The conventional brand in Ningbo quoted a premium of 175 yuan/ton to the 2602 contract and a premium of 100 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area quoted against the 2602 contract [8] - In the Tianjin market, 0 zinc ingots were mainly traded at 24,010 - 24,180 yuan/ton, Zijin was traded at 24,050 - 24,230 yuan/ton, and 1 zinc ingots were traded at around 23,880 - 24,020 yuan/ton. Zijin quoted a premium of 50 - 100 yuan/ton to the 2602 contract, Hu zinc quoted around 25,640 yuan/ton to the 2602 contract, 0 zinc ingots quoted around 10 - 50 yuan/ton to the 2602 contract, and the Tianjin market quoted a discount of around 70 yuan/ton to the Shanghai market [8] - In Guangdong, 0 zinc was mainly traded at 23,955 - 24,175 yuan/ton, and the mainstream brand quoted a premium of 20 yuan/ton to the 2602 contract. The price difference between Shanghai and Guangdong has narrowed [8] 3. Data Overview - The report provides information about data sources including Wind and the Research and Development Department of CCB Futures, and mentions some data charts such as the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, but no specific data content is given [10][11][13]