大越期货沪锌期货早报-20260324

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term trend of Shanghai zinc ZN2605 is expected to be a volatile rebound. The previous trading day saw a volatile decline in Shanghai zinc, with shrinking trading volume and a reduction in both long and short positions, with more short positions being reduced. Technically, the price is below the moving - average system, and short - term indicators show signs of alleviating oversold conditions while the trend indicator indicates an increase in both long and short forces, with the short - side advantage expanding [2][17]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November 2025, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22,730, and the basis is - 70, which is a neutral factor [2]. 3.3 Inventory - On March 23, LME zinc inventory decreased by 500 tons to 117,175 tons compared to the previous day. On the same day, the zinc inventory warrants of the Shanghai Futures Exchange decreased by 1,911 tons to 100,598 tons compared to the previous day, which is a bullish factor [2]. 3.4 Market Trends - On the previous trading day, Shanghai zinc showed a volatile decline, closing below the 20 - day moving average with the 20 - day moving average pointing downwards, which is a bearish factor [2]. 3.5 Main Positions - The main players hold net long positions, with a reduction in long positions, which is a bullish factor [2]. 3.6 Futures Exchange Zinc Futures Quotes on March 23 - The quotes of zinc futures contracts with different delivery months are provided, including previous settlement prices, opening prices, high prices, low prices, closing prices, price changes, trading volumes, and open interest changes [3]. 3.7 Domestic Main Spot Market Quotes on March 23 - The spot TC of domestic zinc ore is 1,500 yuan/metal ton, and the comprehensive TC of imported zinc ore is 20 US dollars/dry ton. The price of 0 zinc in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang is also provided, along with price changes [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (2025/3/12 - 2026/3/23) - The inventory of zinc ingots in main markets such as Shanghai, Guangdong, Tianjin, etc. from March 12, 2025, to March 23, 2026, is presented. The total inventory on March 23, 2026, is 2.195 million tons, showing a decrease compared to March 16 and March 19 [5]. 3.9 Futures Exchange Zinc Warrant Report on March 23 - The zinc warrant situation in different regions and warehouses is reported, with a total of 100,598 tons, a decrease of 1,911 tons compared to the previous day [6]. 3.10 LME Zinc Inventory Distribution and Statistics on March 23 - The distribution and changes of LME zinc inventory in major global warehouses are provided, with a total inventory of 117,175 tons, a decrease of 500 tons compared to the previous day [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 23 - The prices and price changes of 50% - grade zinc concentrates in regions such as Jiyuan, Kunming, and Hechi are provided, with a price drop of 200 yuan in all regions [8]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 23 - The price quotes of 0 zinc ingots from different smelters such as Torch, Huludao Zinc Industry, and Zhongquan Lingnan are provided, with a price drop of 240 yuan for all [11]. 3.13 Domestic Refined Zinc Production in February 2026 - The planned production in February is 468,700 tons, the actual production is 470,900 tons, with a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The production plan for March is 490,200 tons [13]. 3.14 Zinc Concentrate Processing Fee Quotes on March 23 - The zinc concentrate processing fees in different regions, including the minimum, maximum, and average prices, are provided, with domestic prices ranging from 1,400 - 1,600 yuan/metal ton and the imported price being 20 US dollars/dry ton [15]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on March 23 - The trading volume, long - position volume, and short - position volume rankings of different members, as well as their respective changes, are provided. The total trading volume is 186,200, the total long - position volume is 70,946 with a decrease of 96, and the total short - position volume is 70,993 with a decrease of 2,999 [16].