大越期货沪锌期货早报-20260327

Report Industry Investment Rating - Not provided in the given content Core Viewpoint of the Report - The previous trading day saw the Shanghai zinc futures show a volatile rebound, closing with a positive line, an increase in trading volume, and both long and short positions increasing, with the short positions increasing more. Overall, it was a volume - driven rebound. The price rebounded with long positions slowly entering the market, while short positions actively suppressed. The market may experience short - term volatile consolidation. Technically, the price closed below the long - term moving average with weak support from the moving average. The short - term KDJ indicator rose and operated in the weak area. The trend indicator rose, with the long - position strength increasing and the short - position strength decreasing, and the dominance of the short - position strength narrowing. The operation suggestion is that the Shanghai zinc ZN2605 will experience volatile consolidation [19]. Summary by Relevant Catalogs 1. Fundamental Information - 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, 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 [2]. 2. Basis - The spot price was 22,890, and the basis was +180 [2]. 3. Inventory - On March 26, the LME zinc inventory decreased by 825 tons to 115,650 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 1,078 tons to 97,392 tons compared to the previous day [2]. 4. Market Trends - The previous trading day, Shanghai zinc showed a volatile rebound, closing below the 20 - day moving average, and the 20 - day moving average was downward [2]. 5. Main Positions - The main positions were net long, and the long positions decreased [2]. 6. Futures Exchange Zinc Futures Quotes on March 26 - The trading volume of zinc futures on March 26 was 145,087 lots, and the total open interest was 181,937 lots, with a decrease of 3,856 lots [3]. 7. Domestic Main Spot Market Quotes on March 26 - The domestic zinc concentrate spot TC was 1,500 yuan/metal ton, and the comprehensive TC for imported zinc concentrate was 20 US dollars/dry ton. The price of 0 zinc in Shanghai was 22,840 - 22,940 yuan/ton, in Guangdong was 22,830 - 22,930 yuan/ton, in Tianjin was 22,795 - 22,895 yuan/ton, and in Zhejiang was 22,825 - 22,925 yuan/ton [4]. 8. National Main Market Zinc Ingot Inventory Statistics (2025/3/16 - 2026/3/26) - As of March 26, 2026, the total inventory of zinc ingots in the main domestic markets was 214,400 tons, a decrease of 146,000 tons compared to March 19 and a decrease of 51,000 tons compared to March 23 [5]. 9. Futures Exchange Zinc Warrant Report on March 26 - The total zinc warrants on the SHFE on March 26 were 97,392 tons, a decrease of 1,078 tons compared to the previous day [6]. 10. LME Zinc Inventory Distribution and Statistics on March 26 - The total LME zinc inventory on March 26 was 115,650 tons, a decrease of 825 tons compared to the previous day [8]. 11. National Main City Zinc Concentrate Price Summary on March 26 - Not provided in detail, only the title is given [10]. 12. National Market Zinc Ingot Smelter Price Quotes on March 26 - The prices of 0 zinc from different smelters decreased by 80 yuan/ton [13]. 13. Domestic Refined Zinc Production in February 2026 - The production in February 2026 was 470,900 tons, a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The planned production in March was 490,200 tons [15]. 14. Zinc Concentrate Processing Fee Quotes on March 26 - The domestic zinc concentrate processing fee for 50% grade was generally 1,400 - 1,600 yuan/metal ton, and the imported zinc concentrate processing fee for 48% grade was 10 - 30 US dollars/dry ton [17]. 15. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on March 26 - The total trading volume of members was 144,805 lots, an increase of 2,074 lots. The total long positions were 68,856 lots, an increase of 641 lots, and the total short positions were 70,600 lots, an increase of 1,948 lots [18].