大越期货沪锌期货早报-20260330

Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures show a volatile rebound, closing with a positive line. The trading volume increased, the long positions slightly decreased, and the short positions increased. It was a volume - shrinking rebound. The price rebound led long - position holders to exit and wait, while short - position holders continued to suppress. The market may experience a short - term volatile consolidation. Technically, the price closed below the long - term moving average with weak support. The short - term KDJ indicator rose and operated in the weak area. The trend indicator declined, with the long - position strength rising and the short - position strength falling, and the dominance of short - position strength narrowing. The operation suggestion for Shanghai zinc ZN2605 is to expect volatile consolidation [18]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In January 2026, global zinc plate production was 1.127 million tons, consumption was 1.0925 million tons, with a supply surplus of 34,500 tons. Global zinc ore production in January was 1.023 million tons, which is bearish [2]. 3.2 Basis - The spot price was 23,260, and the basis was - 120, which is bearish [2]. 3.3 Inventory - On March 27, LME zinc inventory decreased by 275 tons to 115,375 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants decreased by 1,632 tons to 95,760 tons compared to the previous day, which is bullish [2]. 3.4 Market Trends - The previous day, Shanghai zinc showed a volatile rebound, closing below the 20 - day moving average, with the 20 - day moving average trending downward, which is bearish [2]. 3.5 Main Positions - The main net long positions decreased, which is bullish [2]. 3.6 Futures Exchange Zinc Futures Quotes on March 27 - The trading volume of zinc futures on March 27 was 187,228 lots, and the total open interest was 177,539 lots, with a decrease of 4,398 lots [3]. 3.7 Domestic Main Spot Market Quotes on March 27 - The price of 0 zinc in Shanghai was 23,210 - 23,310 yuan/ton, up 370 yuan; in Guangdong, it was 23,170 - 23,270 yuan/ton, up 340 yuan; in Tianjin, it was 23,160 - 23,260 yuan/ton, up 365 yuan; in Zhejiang, it was 23,190 - 23,290 yuan/ton, up 365 yuan [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (2025/3/16 - 2026/3/26) - As of March 26, 2026, the total social inventory of zinc ingots in major Chinese 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]. 3.9 Zinc Warehouse Receipt Report on March 27 - The total zinc warehouse receipts on March 27 were 95,760 tons, a decrease of 1,632 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on March 27 - The total LME zinc inventory on March 27 was 115,375 tons, a decrease of 275 tons [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 27 - The price of 50% zinc concentrate in most regions was 20,050 yuan/ton, with an increase of 300 yuan/ton, and in some regions like Kunming and Chifeng, it was 19,950 yuan/ton, also with an increase of 300 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 27 - The price of 0 zinc ingots from various smelters increased by 370 yuan/ton [12]. 3.13 Domestic Refined Zinc Production in February 2026 - The production of refined zinc 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 for March was 490,200 tons [14]. 3.14 Zinc Concentrate Processing Fee Quotes on March 27 - The domestic zinc concentrate processing fee for 50% grade was mostly in the range of 1,400 - 1,600 yuan/metal ton, and the import processing fee for 48% grade was 20 US dollars/dry ton [16]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on March 27 - The total trading volume of zinc by members was 190,605 lots, an increase of 53,063 lots. The total long positions were 67,842 lots, a decrease of 121 lots, and the total short positions were 70,026 lots, an increase of 704 lots [17].