锌期货日报-20260312

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: March 12, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not mentioned in the report Core View - The inflation suppressing interest rate cut logic dominates the strong dollar trend, and metals are under pressure. The domestic metal market is in a stalemate, with most metals fluctuating narrowly. The short - term zinc futures market is expected to show narrow - range fluctuations [7] Summary by Directory 1. Market Review - Futures Market Quotes: For SHFE zinc, the 2603 contract opened at 24,330 yuan/ton, closed at 24,290 yuan/ton, with a daily increase of 5 yuan and a rise - fall rate of 0.02%, and the position decreased by 1,150 lots to 6,570 lots; the 2604 contract opened at 24,460 yuan/ton, closed at 24,385 yuan/ton, with a daily decrease of 20 yuan and a fall rate of 0.08%, and the position decreased by 527 lots to 74,220 lots; the 2605 contract opened at 24,510 yuan/ton, closed at 24,430 yuan/ton, with a daily decrease of 15 yuan and a fall rate of 0.06%, and the position increased by 1,445 lots to 66,448 lots [7] - Market Analysis: The inflation data in the US to be released at night is expected to be mild in February, but the soaring energy prices in March due to the Middle - East conflict will push up inflation. The LME metals generally fell, and the domestic metal market was in a stalemate. The main SHFE zinc contract closed at 24,385 yuan/ton, down 20 yuan. The LME zinc inventory decreased by 50 tons to 98,900 tons on the 11th. The domestic TC 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 dollars/ton. The refined zinc output in March will increase month - on - month. The downstream resumption rhythm is differentiated, and the inventory of SMM seven - region zinc ingots increased by 0.59 million tons to 26.22 million tons on Monday [7] 2. Industry News - 0 Zinc Transaction Price: On March 11, 2026, the mainstream transaction price of 0 zinc was concentrated at 24,300 - 24,390 yuan/ton, and the Shuangyan brand was traded at 24,370 - 24,490 yuan/ton [8] - Regional Market Quotes: In the Ningbo market, the mainstream brand 0 zinc was traded at about 24,240 - 24,380 yuan/ton, with a discount of 65 yuan/ton to the 2604 contract; in the Tianjin market, 0 zinc ingots were mainly traded at 24,210 - 24,440 yuan/ton, with a discount of 20 - 90 yuan/ton to the 2604 contract; in the Guangdong market, 0 zinc was mainly traded at 24,195 - 24,385 yuan/ton, with a discount of 105 - 75 yuan/ton to the 2604 contract [8] 3. Data Overview - Data Charts: The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [10][12]