锌期货日报-20260127

Group 1: Report Overview - Report Name: Zinc Futures Daily Report [1] - Date: January 27, 2026 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - The zinc price may continue to show a high - level oscillation pattern. The price is likely to rise due to sentiment and news, but limited by the weak fundamental reality, it has limited power for continuous increase. There is a risk of oscillation and decline after repeated high - level movements [7] Group 4: Market Review - Futures Market Quotes: For SHFE zinc 2602, the opening price was 24,680 yuan/ton, the closing price was 24,645 yuan/ton, the highest was 24,805 yuan/ton, the lowest was 24,565 yuan/ton, the increase was 115 yuan, the increase rate was 0.47%, the position was 28,502 lots, and the position change was 203 lots. For SHFE zinc 2603, the opening price was 24,715 yuan/ton, the closing price was 24,725 yuan/ton, the highest was 24,880 yuan/ton, the lowest was 24,635 yuan/ton, the increase was 160 yuan, the increase rate was 0.65%, the position was 121,627 lots, and the position change was 1,452 lots. For SHFE zinc 2604, the opening price was 24,740 yuan/ton, the closing price was 24,795 yuan/ton, the highest was 24,930 yuan/ton, the lowest was 24,690 yuan/ton, the increase was 175 yuan, the increase rate was 0.71%, the position was 59,031 lots, and the position change was 9,748 lots. The main contract of SHFE zinc closed at 24,725 yuan/ton, up 160 yuan, an increase rate of 0.65%, with increased volume and positions. The 02 - 03 spread was - 80. On January 26th, LME zinc inventory decreased by 175 tons to 111,325 tons, LME0 - 3C was 32.62, and the SHFE - LME ratio was 7.50 [7] - Market Situation: The situation in Greenland has temporarily cooled down, while the situation in the Middle East has become tense. Trump threatened military intervention in the Iranian situation, driving up the risk - aversion sentiment. Precious metals rose rapidly, and the non - ferrous metals sector closed up across the board. The increases of tin and copper exceeded 1 percentage point. The center of SHFE zinc moved slightly higher, with the increase narrowing in the afternoon [7] - Industry Fundamentals: Some mines have routine maintenance before the Spring Festival, leading to a contraction in supply. Although smelters' raw material inventories are relatively sufficient, the processing fee negotiation in February is still supported by the tightening of mine - end supply. On the demand side, the end of environmental inspections and other factors have driven the recovery of the primary consumption start - up rate. However, downstream enterprises generally digest inventories at high zinc prices. As the Spring Festival approaches, small and medium - sized enterprises have gradually entered the holiday mode, and the overall procurement sentiment has become cautious [7] Group 5: Industry News - On January 26, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,145 - 24,355 yuan/ton, and Shuangyan zinc was traded between 24,225 - 24,405 yuan/ton. The mainstream transaction price of 1 zinc was between 24,075 - 24,285 yuan/ton. In the morning, the market quoted a premium of 50 - 70 yuan/ton to the SMM average price, with few quotes against the futures price [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,155 - 24,305 yuan/ton. The conventional brands in Ningbo quoted a premium of 95 yuan/ton to the 2602 contract and a premium of 40 yuan/ton to the Shanghai spot price [8] - In the Tianjin market, the mainstream 0 zinc ingots were traded between 24,020 - 24,210 yuan/ton, and Zijin zinc was traded between 24,050 - 24,250 yuan/ton. The 1 zinc ingots were traded around 23,190 - 24,040 yuan/ton. Zijin zinc quoted a premium of 20 - 50 yuan/ton to the 2602 contract, Huxin zinc was quoted at around 25,510 yuan/ton to the 2602 contract. The 0 zinc ingots were quoted at a discount of 10 to a premium of 10 yuan/ton to the 2602 contract, and the Tianjin market was at a discount of about 70 yuan/ton compared with the Shanghai market [8] - In Guangdong, the mainstream 0 zinc was traded between 24,090 - 24,285 yuan/ton. The mainstream brands quoted a premium of 15 yuan/ton to the 2603 contract. The price difference between Shanghai and Guangdong remained stable [8][9] Group 6: Data Overview - The report provides multiple charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM's seven - region weekly zinc ingot inventory, and LME zinc inventory, but specific data in the charts are not detailed in the text [12][15]