锌期货日报-20260226

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: February 26, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoint - After a catch - up rise, Shanghai zinc fluctuated in a narrow range. The main contract closed at 24,710 yuan/ton, up 20 yuan with a 0.08% increase, with reduced volume and positions. In the short term, macro - geopolitical risk aversion and rising expectations of interest rate cuts support non - ferrous metals, but the supply - demand imbalance and high inventory in the zinc market restrict its performance. It is advisable to adopt a range - trading strategy for now [7] Summary by Section 1. Market Review - Futures Market Quotes: The opening, closing, highest, lowest prices, price changes, price change percentages, open interest, and open interest changes of different Shanghai zinc contracts (2602, 2603, 2604) are presented. The main contract 2603 closed at 24,710 yuan/ton, up 20 yuan with a 0.08% increase, and the open interest decreased by 8,529 lots to 26,600 lots [7] - Inventory Situation: During the domestic holiday, LME zinc ingot inventory remained at a low level. On the 24th, LME zinc inventory decreased by 1,425 tons to 99,825 tons. In China, after the holiday, the inventory of zinc ingots in seven regions was 209,700 tons, a cumulative increase of 49,300 tons compared with before the holiday, with a higher increase than the 37,000 tons in the same period last year, and it is at the average level of the past three years [7] - Spot Market: Downstream production enterprises have not fully resumed production this week, and the spot market trading is light. The Shanghai market offers a discount of 10 yuan/ton to the 03 contract, the Tianjin market offers a discount of 30 yuan/ton compared with the Shanghai market, and the Guangdong market offers a discount of 115 yuan/ton to the 04 contract, with the price difference between Shanghai and Guangdong expanding [7] 2. Industry News - Price Range: On February 25, 2026, the mainstream transaction prices of 0 zinc, 1 zinc, and Shuangyan zinc are given, along with the morning market's premium and discount quotes for different contracts in various regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8] 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory [10][11]