锌期货日报-20260203

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: February 3, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - Under the expectation of the new Fed Chairman Waller being hawkish, the capital sentiment has shifted, and the easing of the Iran situation has weakened the risk premium. The precious metal prices have sharply corrected, and the non - ferrous sector has closed down across the board. The main contract of Shanghai zinc closed at 24,515 yuan/ton, down 1,805 yuan, a decline of 6.86%, with capital outflows exceeding 200 million yuan. The current zinc price is in a tug - of - war between the support of low inventory and tight mine supply and the suppression of weak spot consumption. The ebbing of sentiment may make prices more vulnerable to the test of fundamental reality. In the short term, the capital sentiment fluctuates greatly, and Shanghai zinc still has room for correction [7] Summary by Directory 1. Market Review - Futures market: For Shanghai zinc 2602, the opening price was 25,775 yuan/ton, the closing price was 24,425 yuan/ton, the highest was 25,840 yuan/ton, the lowest was 24,215 yuan/ton, the decline was 1,650 yuan, the decline rate was 6.33%, the position was 7,920, and the position change was - 1,349; for Shanghai zinc 2603, the opening price was 25,735 yuan/ton, the closing price was 24,515 yuan/ton, the highest was 25,905 yuan/ton, the lowest was 24,245 yuan/ton, the decline was 1,805 yuan, the decline rate was 6.86%, the position was 91,209, and the position change was - 14,330; for Shanghai zinc 2604, the opening price was 25,790 yuan/ton, the closing price was 24,530 yuan/ton, the highest was 25,965 yuan/ton, the lowest was 24,295 yuan/ton, the decline was 1,800 yuan, the decline rate was 6.84%, the position was 75,900, and the position change was - 2,383 [7] - Supply and demand: Some mines have regular pre - Spring Festival overhauls, leading to a contraction in supply. The domestic zinc concentrate supply has continued to weaken. The zinc concentrates purchased by smelters earlier have arrived at ports one after another for replenishment, and the raw material stocking for February has basically been completed. The domestic zinc concentrate processing fee has shown signs of stabilizing, remaining flat at 1,500 yuan/metal ton month - on - month. As the price declined, some downstream enterprises fixed prices at low points, and the spot premium increased slightly. However, downstream enterprises have gradually entered the holiday rhythm, and the improvement in trading volume is limited. The Shanghai market is at par with the 03 contract, the Tianjin market is at a discount of 50 yuan/ton compared with the Shanghai market, and the Guangdong market is at a discount of 15 yuan/ton to the 03 contract. On Monday, the social inventory of SMM's seven major regions increased by 0.85 million tons to 12.57 million tons, and the LME zinc inventory decreased by 900 tons to 109,100 tons. Both the LME zinc and SHFE month - spreads maintained a Contango structure [7] 2. Industry News - On February 2, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,835 - 25,625 yuan/ton, and Shuangyan was traded between 24,885 - 25,715 yuan/ton. The mainstream transaction price of 1 zinc was between 24,765 - 25,555 yuan/ton. In the morning, the market quoted a premium of 30 - 50 yuan/ton to the SMM average price, and there were few quotes against the market [8] - In the Ningbo market, the mainstream price of 0 zinc was around 24,815 - 25,585 yuan/ton. The regular brands in Ningbo quoted a discount of 30 yuan/ton to the 2603 contract and a premium of 20 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area quoted against the 2602 contract [8] - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 24,750 - 25,160 yuan/ton, and Zijin was traded between 24,810 - 25,180 yuan/ton. The 1 zinc ingots were traded around 24,710 - 25,090 yuan/ton. Zijin quoted a discount of around 20 yuan/ton to the 2603 contract, Hu zinc was quoted around 26,060 yuan/ton, and 0 zinc ingots quoted a discount of 40 - 80 yuan/ton to the 2603 contract. The Tianjin market was at a discount of around 50 yuan/ton compared with the Shanghai market [8] - In Guangdong, the mainstream transaction price of 0 zinc was between 24,810 - 25,630 yuan/ton. The mainstream brands in Guangdong quoted a discount of 15 yuan/ton to the 2603 contract, and the price difference between Shanghai and Guangdong remained. Today, the holders of goods quoted a discount of 25 - a premium of 5 yuan/ton for Qilin, Feilong, Lan zinc, etc. [8][9] 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots (in million tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE month - spreads, with data sources including Wind and SMM, as well as the research and development department of Jianxin Futures [13][15]