建信期货锌期货日报-20260303

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: March 3, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided Core View - The conflict between the US and Iran continues to intensify, and the market's risk - aversion sentiment boosts the precious metals and non - ferrous sectors. Although Shanghai zinc is suppressed by high inventory and weak demand, it is expected to follow the sector in a strong and volatile trend driven by geopolitical sentiment [7] Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc 2603, the opening price was 24,450 yuan/ton, the closing price was 24,780 yuan/ton, the highest was 24,800 yuan/ton, the lowest was 24,380 yuan/ton, the increase was 265 yuan, the increase rate was 1.08%, the position was 10,410 lots, and the position change was - 2,489 lots. For SHFE zinc 2604, the opening price was 24,540 yuan/ton, the closing price was 24,850 yuan/ton, the highest was 24,880 yuan/ton, the lowest was 24,405 yuan/ton, the increase was 275 yuan, the increase rate was 1.12%, the position was 95,630 lots, and the position increased by 756 lots. For SHFE zinc 2605, the opening price was 24,695 yuan/ton, the closing price was 24,900 yuan/ton, the highest was 24,930 yuan/ton, the lowest was 24,470 yuan/ton, the increase was 270 yuan, the increase rate was 1.10%, the position was 62,020 lots, and the position increased by 4,405 lots [7] - Market Situation Analysis: The breakdown of negotiations and the attack by the US and Israel on Iran, along with the new Iranian leadership's refusal to negotiate with the US, have increased the risk of the Middle - East conflict expanding. The market's risk - aversion sentiment has risen, and zinc prices turned positive in the afternoon. The main contract 2604 closed at 24,850 yuan/ton, up 275 yuan with a 1.12% increase. Although the direct impact on zinc is limited (Iran's annual zinc ore output is about 257,000 tons, and China's zinc concentrate imports from Iran are 86,000 tons, accounting for 1.62% of the total imports), the expectation of supply disruption still supports the already tight zinc ore market sentiment. Domestic consumption has not recovered, and the social inventory increased by 34,700 tons to 254,600 tons on Monday. High inventory and weak demand are suppressing the market. The spot premium remains at a low level [7] 2. Industry News - 0 Zinc Transaction Prices on March 2, 2026: The mainstream transaction price of 0 zinc was concentrated between 24,365 - 24,620 yuan/ton, and Shuangyan was traded between 24,465 - 24,710 yuan/ton. The mainstream transaction price of 1 zinc was between 24,295 - 24,550 yuan/ton. In the morning, the market offered a premium of 20 - 40 yuan/ton for the next - month ticket based on the SMM average price, and there was no offer against the market [8] - Ningbo Market: The mainstream brand 0 zinc was traded at around 24,385 - 24,620 yuan/ton. The regular brands in Ningbo offered a discount of 50 yuan/ton against the 2604 contract and a premium of 30 yuan/ton against the Shanghai spot price. The mainstream in Ningbo was to quote against the 2604 contract [8] - Tianjin Market: The 0 zinc ingot was mainly traded between 24,360 - 24,670 yuan/ton, and Zijin was traded between 24,400 - 24,670 yuan/ton. The 1 zinc ingot was traded around 24,310 - 24,560 yuan/ton. Zijin offered a premium or discount of 0 - 30 yuan/ton against the 2604 contract, and Huxin was priced at 25,070 yuan/ton. The 0 zinc ingot offered a discount of 0 - 70 yuan/ton against the 2604 contract. The Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market, and it was a new - month quotation today [8] - Guangdong Market: The mainstream 0 zinc was traded between 24,330 - 24,575 yuan/ton. The mainstream brands offered a discount of 125 yuan/ton against the 2604 contract, and the price difference between Shanghai and Guangdong narrowed. Today, the holders offered a discount of 125 - 105 yuan/ton for Qilin, Feilong, and Lanxin [8] 3. Data Overview - Graphs: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [10][12]