锌期货日报-20260311

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: March 11, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - Trump hinted that the war with Iran would end soon, leading to a rapid recovery in capital risk appetite. The precious metals market rebounded slightly, and most of the non - ferrous sectors closed higher. The main contract of Shanghai zinc closed at 24,415 yuan/ton, up 90 yuan or 0.37%, with reduced volume and positions. The LME inventory increased by 4,150 tons to 95,950 tons on the 10th. The domestic TC average price of SMM Zn50 increased by 50 to 1,550 yuan/metal ton, and the import zinc concentrate index decreased by 8.37 to 15.38 US dollars/ton. The inventory at major ports decreased by 31,000 physical tons. The high income from by - products such as sulfuric acid continued to subsidize smelting profits, and the refined zinc output in March would increase month - on - month. On the demand side, the resumption rhythm of downstream industries was differentiated, and the start - up rate gradually increased but had not returned to the pre - holiday level. The SMM seven - region zinc ingot inventory increased by 0.59 million tons to 26.22 million tons on Monday. The short - term market is expected to fluctuate within a narrow range [7] Summary by Directory 1. Market Review - Futures Market Quotes: The opening, closing, highest, lowest prices, price changes, price change rates, positions, and position changes of Shanghai zinc contracts 2603, 2604, and 2605 are presented. For example, the main contract 2604 opened at 24,505 yuan/ton, closed at 24,415 yuan/ton, up 90 yuan or 0.37%, with a position of 74,747 hands, a decrease of 5,934 hands [7] - Inventory and Price Index: On March 10, the LME inventory increased by 4,150 tons to 95,950 tons. The domestic TC average price of SMM Zn50 increased by 50 to 1,550 yuan/metal ton, and the import zinc concentrate index decreased by 8.37 to 15.38 US dollars/ton. The inventory at major ports decreased by 31,000 physical tons [7] - Supply and Demand: The high income from by - products such as sulfuric acid continued to subsidize smelting profits. With the resumption of smelters and the increase in natural days, the refined zinc output in March would increase month - on - month. On the demand side, the resumption rhythm of downstream industries was differentiated, and the start - up rate gradually increased but had not returned to the pre - holiday level. The SMM seven - region zinc ingot inventory increased by 0.59 million tons to 26.22 million tons on Monday [7] 2. Industry News - Not provided 3. Data Overview - Spot Price: On March 10, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,220 - 24,390 yuan/ton, and the transaction prices in different regions (Ningbo, Tianjin, Guangdong) and their corresponding contract quotes and price differentials are detailed [10] - 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 [11][16]