瑞达期货沪锌产业日报-20260210

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report predicts that Shanghai zinc will experience volatile adjustments, with a focus on the 24,300 - 25,000 yuan/ton range, and the upward momentum is weak [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main - contract is 24,455 yuan/ton, down 85 yuan; the 03 - 04 contract spread of Shanghai zinc is - 50 yuan/ton, down 25 yuan - The LME three - month zinc quotation is 3,382 US dollars/ton, down 1 US dollar - The total open interest of Shanghai zinc is 192,983 lots, down 1,044 lots; the net open interest of the top 20 in Shanghai zinc is - 54 lots, down 498 lots - The Shanghai Futures Exchange inventory is 70,689 tons, up 5,535 tons; the LME inventory is 106,925 tons, down 675 tons [3] 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 24,460 yuan/ton, down 200 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 24,170 yuan/ton, down 520 yuan - The basis of the ZN main contract is 5 yuan/ton, down 115 yuan; the LME zinc cash - 3 months spread is - 23.73 US dollars/ton, down 2.17 US dollars - The ex - works price of 50% zinc concentrate in Kunming is 21,510 yuan/ton, up 110 yuan; the price of 85% - 86% crushed zinc in Shanghai is 16,700 yuan/ton, down 50 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, down 14,700 tons; the ILZSG zinc supply - demand balance is - 7,700 tons, down 4,900 tons - The global zinc mine production is 1.0627 million tons, down 11,900 tons; the domestic refined zinc production is 675,000 tons, up 21,000 tons - The zinc ore import volume is 462,600 tons, down 53,900 tons [3] 3.4 Industry Situation - The refined zinc import volume is 8,760.85 tons, down 9,469.07 tons; the refined zinc export volume is 27,266.66 tons, down 15,548.89 tons - The social inventory of zinc is 128,000 tons, up 9,500 tons [3] 3.5 Downstream Situation - The monthly production of galvanized sheets is 2.36 million tons, up 20,000 tons; the sales volume of galvanized sheets is 2.36 million tons, down 60,000 tons - The monthly new housing construction area is 587.6996 million square meters, up 53.1326 million square meters; the monthly housing completion area is 603.4813 million square meters, up 208.942 million square meters - The monthly automobile production is 3.4115 million vehicles, down 107,500 vehicles; the monthly air - conditioner production is 21.6289 million units, up 6.6029 million units [3] 3.6 Option Market - The implied volatility of the at - the - money call option for zinc is 26.01%, up 2.43%; the historical volatility of the at - the - money option for 20 days is 38.7% - The implied volatility of the at - the - money put option for zinc is 26.01%, up 2.44%; the historical volatility of the at - the - money option for 60 days is 19.41% [3] 3.7 Industry News - The General Secretary of the Communist Party of China Central Committee stated that the key to building a modern socialist country lies in self - reliance and self - improvement in science and technology - US Treasury Secretary Bessent said that even if Wash becomes the Fed Chairman, the balance - sheet reduction will not be carried out rapidly, and the decision may require up to a one - year assessment [3]