锌期货日报-20260313

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: March 13, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - Futures Market Quotes: The closing prices of SHFE zinc contracts 2603, 2604, and 2605 were 24,230 yuan/ton, 24,300 yuan/ton, and 24,340 yuan/ton respectively, with declines of 0.39%, 0.49%, and 0.53% [7]. - Market Analysis: The US February CPI met expectations. In an extreme scenario of the Middle - East conflict, oil prices may continue to rise, delaying the first interest - rate cut to September. The US restarted the 301 investigation, potentially re - imposing tariff pressure. Most domestic metal markets closed lower today. SHFE zinc rebounded from a low in the afternoon, closing at 24,300 yuan/ton, down 120 yuan or 0.49%. LME inventories decreased by 150 tons to 98,750 tons on the 12th, with a cumulative delivery of 3,775 tons during the week. The 0 - 3C spread widened to 41.31. The average domestic TC of SMM Zn50 increased by 50 to 1,550 yuan/metal ton. 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. High revenues from by - products such as sulfuric acid continued to subsidize smelting profits. Refined zinc production in March will increase month - on - month. On the demand side, the start - up rate is gradually increasing but has not returned to the pre - holiday level. North China is still affected by environmental restrictions. Downstream consumption is mostly for rigid demand. The spot premium remained flat, and social inventories continued to increase to 268,800 tons, with no sign of a de - stocking inflection point. The short - term market is expected to fluctuate within a narrow range [7]. Industry News - Price Ranges: On March 12, 2026, the mainstream transaction prices of 0 zinc were between 24,120 - 24,370 yuan/ton, and 1 zinc between 24,050 - 24,300 yuan/ton. In the Ningbo market, the mainstream 0 zinc was traded at 24,140 - 24,360 yuan/ton. In the Tianjin market, 0 zinc was traded at 24,120 - 24,400 yuan/ton, and 1 zinc at 24,100 - 24,340 yuan/ton. In the Guangdong market, 0 zinc was traded at 24,100 - 24,400 yuan/ton [8]. - Price Premiums: In the Ningbo market, the regular brands were at a discount of 80 yuan/ton to the 2604 contract and at a premium of 40 yuan/ton to the Shanghai spot. In the Tianjin market, Zijin was at a discount of 30 - 50 yuan/ton to the 2604 contract. In the Guangdong market, the mainstream brands were at a discount of 120 - 60 yuan/ton to the 2604 contract and at a premium of 30 yuan/ton to the Shanghai spot, and the price difference between Shanghai and Guangdong widened [8]. Data Overview - Data Sources: The data in the report are from Wind and the Research and Development Department of CCB Futures, and SMM for zinc ingot inventory data [7][11][12] - 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 inventories, and LME zinc inventories [10][12]