沪锌期货日报-20260213

1. Report Industry Investment Rating - Not provided 2. Core Viewpoint of the Report - The zinc market has no obvious fundamental drivers, and it is expected that the Shanghai zinc futures will maintain a range - bound oscillation in the short term due to the weak pre - holiday trading, seasonal decline in downstream demand, low inventory support, and macro - level pressure from the cooling of the Fed's interest - rate cut expectations caused by strong US non - farm payrolls data [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract ZN2603.SHF of Shanghai zinc futures showed an oscillating trend today. The opening price was 24,750 yuan/ton, the highest price was 24,775 yuan/ton, the lowest price was 24,415 yuan/ton, and the closing price was 24,650 yuan/ton, up 0.67% from the previous trading day. It opened high, then oscillated downward, and finally stabilized and rebounded. The current price is in the upper - middle area of the one - month fluctuation range [2] 3.2 Spot Market Analysis - On February 12, 2026, the spot price of zinc in Shanghai was 22,510 yuan/ton, down 50 yuan/ton from the previous trading day; in Guangdong, it was 22,490 yuan/ton, down 50 yuan/ton; in Tianjin, it was 22,500 yuan/ton, also down 50 yuan/ton. The price of 0 zinc in the Tianjin market was between 24,370 - 24,380 yuan/ton [3] 3.3 Market Dynamics - The market has entered the pre - Spring Festival holiday state, with weak trading and purchasing. Downstream开工 has significantly declined, but the seasonal rhythm is in line with previous years. Both domestic mines and smelters have entered the production - reduction and maintenance cycle, the smelters' procurement demand has declined, and the import ore trading is scarce, with TC remaining stable overall [4] 3.4 Market Outlook - Pre - holiday market trading is light, downstream demand weakens seasonally, but low inventory supports prices. Strong US non - farm payrolls data cools the Fed's interest - rate cut expectations, putting pressure on the macro - level. Overall, the zinc market has no obvious fundamental drivers, and the Shanghai zinc futures are expected to maintain a range - bound oscillation in the short term [6]