现货市场成交暂未见改善

Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [6] Core View - Although the downstream has a rigid demand for procurement due to the resumption of work and production, the overall spot market transactions are still sluggish. The short - term supply of zinc ore is still subject to interference, and the overseas shipping volume has not recovered. The spot price of imported zinc ore supports the zinc price. The probability of overseas smelting resumption is small, while the domestic smelting losses are narrowing. The downstream consumption has entered the post - holiday resumption stage, and the inventory inflection point is expected to arrive. The zinc price is still expected to perform well in the long term [5] Summary by Directory Important Data - Spot: The LME zinc spot premium is -$33.45 per ton. The SMM Shanghai zinc spot price increased by 80 yuan/ton to 24,290 yuan/ton, with a spot premium of -110 yuan/ton; the SMM Guangdong zinc spot price increased by 90 yuan/ton to 24,310 yuan/ton, with a spot premium of -90 yuan/ton; the Tianjin zinc spot price increased by 80 yuan/ton to 24,300 yuan/ton, with a spot premium of -100 yuan/ton [2] - Futures: On March 11, 2026, the main SHFE zinc contract opened at 24,460 yuan/ton and closed at 24,385 yuan/ton, a decrease of 20 yuan/ton from the previous trading day. The trading volume was 74,804 lots, and the open interest was 74,220 lots. The highest price during the day was 24,500 yuan/ton, and the lowest was 24,350 yuan/ton [3] - Inventory: As of March 11, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 262,200 tons, a change of 5,900 tons from the previous period. The LME zinc inventory was 98,900 tons, a decrease of 50 tons from the previous trading day [4] Market Analysis - The downstream has a rigid demand for procurement due to the resumption of work and production, but the overall spot market transactions are still sluggish. The short - term supply of zinc ore is still subject to interference, and the overseas shipping volume has not recovered. The spot price of imported zinc ore supports the zinc price. The probability of overseas smelting resumption is small due to the rising overseas energy costs. The domestic smelting losses are narrowing, and the supply enthusiasm remains. The downstream consumption has entered the post - holiday resumption stage, and the inventory inflection point is expected to arrive. The zinc price is still expected to perform well in the long term [5] Strategy - Unilateral: Cautiously bullish. Arbitrage: Neutral [6]