新能源及有色金属日报：市场进入低波动期-20260211

Report Industry Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] Report's Core View - The market has entered a pre - holiday state with stable spot discounts, low absolute price fluctuations, and few spot market transactions. Downstream开工 has significantly declined, but the seasonal performance is in sync with previous years without additional negative impacts. The supply pressure is not high, and although social inventory has entered the accumulation cycle, the absolute inventory value is not high. After the Fed Chairman's expected trading ended, the risk of a decline in the absolute zinc price has been released, and the depth of the off - season correction may be limited. The long - term expectations for consumption and the macro - economy are still positive, and it is mainly about risk avoidance in the short term before the long holiday [4] Summary of Related Contents by Directory Important Data Spot - LME zinc spot premium is -$23.73 per ton. SMM Shanghai zinc spot price decreased by 200 yuan/ton to 24,460 yuan/ton, with a spot premium of - 35 yuan/ton; SMM Guangdong zinc spot price dropped by 200 yuan/ton to 24,440 yuan/ton, with a spot premium of - 55 yuan/ton; Tianjin zinc spot price fell by 200 yuan/ton to 24,410 yuan/ton, with a spot premium of - 85 yuan/ton [1] Futures - On February 10, 2026, the main SHFE zinc contract opened at 24,465 yuan/ton, closed at 24,455 yuan/ton, down 130 yuan/ton from the previous trading day. The trading volume was 93,513 lots, and the open interest was 60,049 lots. The highest price was 24,555 yuan/ton, and the lowest was 24,330 yuan/ton [2] Inventory - As of February 10, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 148,500 tons, a change of 14,500 tons from the previous period. LME zinc inventory was 106,750 tons, with a change of - 175 tons from the previous trading day [3]