锌期货日报-20260227

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: February 27, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided Core View - The Shanghai zinc market maintained a volatile trend. The short - term macro geopolitical risk aversion and the rising expectation of interest rate cuts support non - ferrous metals. However, the fundamentals of Shanghai zinc are characterized by weak supply and demand and high inventories, so it is temporarily treated with a volatile mindset [7] Summary by Section 1. Market Review - Futures Market Quotes: For the Shanghai zinc futures contracts 2603, 2604, and 2605, the closing prices were 24525, 24570, and 24625 yuan/ton respectively, with declines of - 0.24%, - 0.28%, and - 0.28%. The main contract 2604 had a closing price of 24570, down 70 yuan, with a decline of 0.28% and a position of 66162 lots [7] - Inventory Situation: LME zinc ingot inventory continued to decline to below 100,000 tons, with a decrease of 1425 tons to 98400 tons on the 26th. The domestic SMM seven - region zinc ingot inventory increased to over 200,000 tons after the Spring Festival. The internal - external price ratio weakened to 7.24, and the import loss of zinc ingots was 2841.6 yuan/ton [7] - Market Transaction: Downstream production enterprises have not fully resumed work this week, mainly digesting pre - holiday inventories. The spot market transactions were light. The Shanghai market had a discount of 10 yuan/ton to the 03 contract, the Tianjin market had a discount of 30 yuan/ton compared to the Shanghai market, and the Guangdong market had a discount of 125 yuan/ton to the 04 contract. The price difference between Shanghai and Guangdong narrowed [7] 2. Industry News - Price Range: On February 26, 2026, the mainstream transaction price of 0 zinc was concentrated between 24445 - 24700 yuan/ton, double - swallow zinc was traded between 24535 - 24780 yuan/ton, and 1 zinc was traded between 24375 - 24630 yuan/ton [8] - Regional Quotes: In the Ningbo market, the mainstream brand 0 zinc was traded at around 24445 - 24660 yuan/ton. In the Tianjin market, 0 zinc was traded between 24410 - 24640 yuan/ton. In the Guangdong market, 0 zinc was traded between 24330 - 24575 yuan/ton [8] 3. Data Overview - Data Sources: The data in the report are from Wind, SMM, and the Research and Development Department of CCB Futures [11][13][15] - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM seven - region zinc ingot weekly inventories, and LME zinc inventories [10][12]