大越期货沪锌期货早报-20260212

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoint - The previous trading day saw the Shanghai zinc futures show a volatile upward trend, closing with a positive line. The trading volume shrank, and both long and short positions reduced, with the short positions decreasing more. Overall, it was a volume - shrinking upward movement. As the holiday approached, both long and short positions showed a cautious attitude. The market is expected to fluctuate and decline in the short term. Technically, the price closed above the long - term moving average with strong support from the moving average. The short - term KDJ indicator rose and operated in the weak area. The trend indicator declined, with the long - position strength increasing and the short - position strength decreasing, and the long - position strength advantage expanding. The operation suggestion is that the Shanghai zinc ZN2603 will fluctuate and decline [20]. Summary by Relevant Catalog 1. Fundamentals - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons, which is a bullish factor [2]. 2. Basis - The spot price was 24,520, and the basis was - 65, which is a neutral factor [2]. 3. Inventory - On February 11, the LME zinc inventory decreased by 1,500 tons to 105,250 tons compared with the previous day, and the SHFE zinc inventory warrants increased by 8,100 tons to 42,335 tons compared with the previous day, which is a neutral factor [2]. 4. Market Trends - The previous day, the Shanghai zinc futures showed a volatile upward trend, closing below the 20 - day moving average, and the 20 - day moving average was upward, which is a neutral factor [2]. 5. Main Positions - The main positions were net long, and the long positions increased, which is a bullish factor [2]. 6. Futures Exchange Zinc Futures Quotes on February 11 - The quotes of zinc futures contracts with different delivery months, including pre - settlement price, opening price, high price, low price, closing price, settlement reference price, price changes, trading volume, trading amount, and open interest and its changes, are provided [3]. 7. Domestic Main Spot Market Quotes on February 11 - The prices of zinc concentrate (domestic spot TC was 1,300 yuan/metal ton, and imported comprehensive TC was 30 US dollars/dry ton) and zinc ingots in different regions (such as Shanghai, Guangdong, Tianjin, and Zhejiang) are provided [4]. 8. National Main Market Zinc Ingot Inventory Statistics (2025/1/29 - 2026/2/9) - The inventory data of zinc ingots in different markets (FR, Guangdong, Tianjin, Shandong, Zhejiang, Jiangsu) at different times are provided, showing the inventory changes over time [5]. 9. Futures Exchange Zinc Warrant Report on February 11 - The zinc warrant data in different regions (Shanghai, Guangdong, Jiangsu, Zhejiang, Tianjin) and their changes are provided [6]. 10. LME Zinc Inventory Distribution and Statistics on February 11 - The inventory data of LME zinc, including previous day's inventory, inbound and outbound volume, current inventory, registered warrants, cancelled warrants, and the proportion of cancelled warrants, are provided [8]. 11. National Main City Zinc Concentrate Price Summary on February 11 - There is no specific price data provided in the given content, only the title is mentioned [10]. 12. National Market Zinc Ingot Smelter Price Quotes on February 11 - The price quotes of zinc ingots from different smelters, including brand, specification, price range, and average price, are provided [13]. 13. Domestic Refined Zinc Production in January 2026 - The production data of domestic refined zinc in January 2026, including planned production, actual production, month - on - month change, year - on - year change, deviation from the planned value, capacity utilization rate, and planned production in February, are provided [16]. 14. Zinc Concentrate Processing Fee Quotes on February 11 - The processing fee quotes of zinc concentrate in different regions (domestic and imported) with different grades are provided [18]. 15. Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on February 11 - The trading volume, long - position volume, and short - position volume of different members and their changes are provided [19].