建信期货锌期货日报-20260122
Jian Xin Qi Huo·2026-01-22 01:59
  1. Report Details - Report Name: Zinc Futures Daily Report [1] - Date: January 22, 2026 [2] 2. Research Team - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 3. Investment Rating - Not provided in the report 4. Core View - Despite the narrowing decline of the zinc futures due to the sentiment of the non - ferrous metals sector, the industry has a mix of bullish and bearish factors. The market is expected to continue digesting previous gains, with short - term technical support at the 24,000 yuan/ton level [7] 5. Section Summaries 5.1 Market Review - In the futures market, the main contract of SHFE zinc closed at 24,350 yuan/ton, down 50 yuan or 0.2%. The trading volume increased while the open interest decreased by 4,200 to 121,693 lots. On January 21, LME zinc inventory decreased by 450 tons to 111,850 tons, with LME0 - 3C at 43.57 and the SHFE - LME ratio at 7.62. On the industry side, the zinc ore import window is open, but the actual increase in imported ore is limited, and the processing fee for imported ore continues to decline. The decline in TC has slowed down and may be near the bottom. In December, refined zinc production decreased significantly, and although it is expected to rise slightly in January, the zinc ingot import window remains closed, so supply pressure is limited. On the demand side, the start - up rate of primary consumption has declined. After the end of environmental protection policies, affected enterprises may resume production, but due to the seasonal off - season and high zinc prices squeezing downstream profit margins, some enterprises have entered equipment maintenance and holiday mode, and the recovery of production is expected to be limited [7] 5.2 Industry News - On January 21, 2026, the mainstream transaction price of 0 zinc was 24,145 - 24,355 yuan/ton, and that of 1 zinc was 24,075 - 24,285 yuan/ton. In different regions, such as Ningbo, Tianjin, and Guangdong, the transaction prices and premium/discount situations vary [8][9] 5.3 Data Overview - The report presents figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources including Wind, SMM, and the research and development department of Jianxin Futures [13][17]