Group 1 - The domestic futures market on January 15, 2026, showed a mixed performance with more contracts declining than rising [3][7] - Notable increases included tin (沪锡) rising over 8%, nickel (沪镍) over 4%, stainless steel (不锈钢) over 3%, and both eggs (鸡蛋) and zinc (沪锌) rising over 2% [3][7] - On the downside, palladium (钯) and platinum (铂) fell over 4%, while glass bottles (瓶片), caustic soda (烧碱), palm oil (棕榈油), paraxylene (PX), and soda ash (纯碱) dropped over 2% [3][7] Group 2 - Specific futures contracts showed significant changes, with the tin contract (护器2602M) at 433,000, up 8.30%, and the nickel contract (护保2602M) at 146,750, up 4.08% [8] - The stainless steel contract (不锈钢2603M) was at 14,415, increasing by 3.52%, while the egg contract (鸡蛋2603™) was at 3,066, up 2.23% [8] - Conversely, the palladium contract (90958) decreased by 4.62% to 478.60, and the paraxylene contract (对二甲苯2603 W) fell by 2.49% to 7,130 [8]

Group 1 - The core point of the article highlights that the majority of domestic futures contracts experienced an increase in value during the early trading session on January 14, 2026, with notable gains in silver, fuel oil, and tin [3][7]. - Specifically, silver rose over 6%, fuel oil increased by more than 5%, and tin saw an increase of over 4% [3][7]. - Other commodities such as low-sulfur fuel oil, platinum, palladium, SC crude oil, and pure benzene also reported gains exceeding 2% [3][7]. Group 2 - On the downside, the shipping European line experienced a decline of over 3%, while glass prices fell by more than 2% [3][7]. - Additionally, other commodities including caustic soda, soybean meal,焦煤 (coking coal), and焦炭 (coke) saw decreases of over 1% [3][7].

Core Viewpoint - The domestic futures market shows mixed performance with significant gains in certain contracts while others experience declines, indicating volatility in commodity prices [3][7]. Price Movements - Silver futures increased by over 14% - The shipping European line futures rose by over 11% - Lithium carbonate and tin futures hit the daily limit up - Nickel futures increased by over 5% - Platinum and coking coal futures rose by over 4% - In contrast, polysilicon futures fell by over 2% - Peanut and fuel oil futures declined by over 1% [3][7]. Contract Performance Summary - Silver futures (contract code: 2604 M) reached a price of 20,945 with a daily increase of 14.42% and a trading volume of 1,207,190 [4]. - Shipping European line futures (contract code: 2604 M) reached 1,280.8 with an increase of 11.30% and a trading volume of 64,695 [4]. - Zinc carbonate futures (contract code: 2605 M) reached 156,060 with a daily increase of 9.00% [4]. - Tin futures (contract code: 2602 M) reached 376,920 with an increase of 8.00% [4]. - Nickel futures (contract code: 2602 M) reached 144,200 with a daily increase of 5.65% [4]. - Coking coal futures (contract code: 2605 M) reached 1,238.0 with an increase of 4.21% [4]. - Polysilicon futures (contract code: 2602 M) fell to 49,995 with a decrease of 2.89% [4].

Group 1 - The core point of the article highlights the performance of domestic futures contracts, with most contracts experiencing declines while specific commodities like焦煤 (coking coal), 碳酸锂 (lithium carbonate), and 焦炭 (coke) showed gains [1] -焦煤 (coking coal) increased by over 5%, while 碳酸锂 (lithium carbonate) and 焦炭 (coke) rose by more than 2% [1] - In contrast, the shipping index for Europe dropped by over 8%, and multi-crystalline silicon fell by more than 7% [1] Group 2 - Other commodities such as沪银 (Shanghai silver), 硅铁 (ferrosilicon), international copper, and沪镍 (Shanghai nickel) saw declines exceeding 2% [1] - The overall trend indicates a mixed performance in the futures market, with significant volatility observed in various sectors [1]

Group 1 - Domestic futures market saw significant gains with main contracts for nickel, coke, coking coal, and stainless steel hitting the daily limit [1] - Soda ash increased by over 7%, glass rose by over 6%, and tin surged by over 5%, while aluminum oxide and caustic soda also saw nearly 5% increases [1] - Iron ore and lithium carbonate both experienced gains exceeding 4% [1] Group 2 - The shipping index for Europe declined by over 3%, indicating a drop in shipping costs [1] - Crude oil, platinum, polysilicon, and LU fuel oil all fell by more than 2% [1]

Group 1 - The domestic futures market saw significant gains on January 7, with major contracts showing widespread increases, including coking coal rising by 7.98% to hit the daily limit, nickel up over 7%, and coking coal up over 6% [3][7] - Only eight varieties experienced declines, with crude oil dropping over 2% and low-sulfur fuel oil and fuel oil down by more than 1% [3][7] Group 2 - Specific futures contracts that performed well include coking coal (up 7.98%), nickel (up over 7%), and coking coal (up over 6%), while glass, pure soda, and other commodities also saw increases exceeding 5% [3][7] - The trading volume for coking coal was reported at 121,000 contracts, indicating strong market activity [4]

Group 1 - The main contract for coking coal futures increased by 4%, reaching 1121 yuan/ton [1] - The main contract for coke futures rose by 2.31%, reaching 1680 yuan/ton [1]

General Information - Report Title: Zinc Futures Daily Report [1] - Date: December 31, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Report Industry Investment Rating - No relevant content provided. Core Viewpoints - Market sentiment cooled, with non-ferrous metals showing mixed performance. Shanghai zinc oscillated at a high level in the afternoon, closing at 23,380 yuan/ton, up 155 yuan or 0.67%, with reduced volume and positions. The top 20 seats increased both long and short positions. LME zinc was trading around $3,115/ton, and on the 30th, LME zinc inventories decreased by 300 tons to 106,325 tons [7]. - The tightness in the domestic mining end continued to spread. The decline in processing fees and reduced arrivals supported the continuous reduction of social inventories. The zinc ingot inventory in seven major areas at the beginning of the week was 111,900 tons, a decrease of 12,600 tons compared to last week [7]. - As the year - end approached, most traders closed their accounts. Environmental protection restrictions in North China were still in place, demand weakened, the spot trading atmosphere was dull, and the spot premium declined. The Shanghai market had a premium of 210 yuan/ton over 01, Tianjin was at a discount of 100 yuan/ton to the Shanghai market, and Guangdong reported a discount of 5 yuan/ton to 02 [7]. - Driven by the strong performance of precious metals, the sentiment in the non - ferrous metal sector improved. Coupled with the tightening supply at the industrial end, Shanghai zinc showed a relatively strong oscillating trend. However, the short - term rapid increase had accumulated certain callback risks. With the New Year's Day holiday approaching, market funds tended to take profits for risk - avoidance reasons, and position - holding risks needed to be vigilant [7]. Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2601, it opened at 23,060 yuan/ton, closed at 23,335 yuan/ton, with a high of 23,385 yuan/ton, a low of 23,060 yuan/ton, up 115 yuan or 0.50%, and the position decreased by 2,476 to 11,254. For SHFE zinc 2602, it opened at 23,180 yuan/ton, closed at 23,380 yuan/ton, with a high of 23,435 yuan/ton, a low of 23,130 yuan/ton, up 155 yuan or 0.67%, and the position decreased by 217 to 93,470. For SHFE zinc 2603, it opened at 23,180 yuan/ton, closed at 23,420 yuan/ton, with a high of 23,480 yuan/ton, a low of 23,165 yuan/ton, up 130 yuan or 0.56%, and the position increased by 3,181 to 68,747 [7]. - Spot market: The tightness in the domestic mining end led to a decline in processing fees and reduced arrivals, supporting the continuous reduction of social inventories. The demand weakened as the year - end approached, and the spot premium declined [7]. 2. Industry News - On December 30, 2025, the mainstream transaction price of 0 zinc was concentrated between 23,250 - 23,635 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 23,180 - 23,565 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 23,275 - 23,670 yuan/ton, with a premium of 240 yuan/ton over the 2601 contract and a premium of 140 yuan/ton over the Shanghai spot [8]. - In the Tianjin market, the 0 zinc ingot was mainly traded between 23,030 - 23,470 yuan/ton, and Zijin was traded between 23,130 - 23,540 yuan/ton. The 1 zinc ingot was traded around 22,930 - 23,310 yuan/ton. Zijin had a premium of 80 - 120 yuan/ton over the 2601 contract, and the ordinary 0 zinc had a discount of 20 to a premium of 50 yuan/ton over the 2601 contract. Tianjin was at a discount of about 100 yuan/ton to the Shanghai market [8]. - In the Guangdong market, the mainstream 0 zinc was traded between 23,070 - 23,480 yuan/ton, with a discount of 5 yuan/ton over the 2602 contract, and the price difference between Shanghai and Guangdong widened [8]. 3. Data Overview - The report presents data on the weekly inventory of SMM seven - area zinc ingots, LME zinc inventories, the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and SMM [11][14]

Report Overview - Report Title: Daily Core Futures Varieties Analysis - Release Date: December 30, 2025 1. Market Performance Summary 1.1 Futures Market Overview - As of the close on December 30, domestic futures main contracts showed mixed performance. Platinum and palladium hit the daily limit down, both with a 13% decline. Shanghai tin dropped over 4%, lithium carbonate and Shanghai silver nearly 4%, and Shanghai gold over 3%. International copper, Shanghai copper, and the container shipping European line fell over 2%. On the upside, Shanghai nickel and glass rose over 3%, and methanol and soda ash rose over 2%. Among stock index futures, the CSI 300 (IF) main contract rose 0.36%, the SSE 50 (IH) main contract fell 0.03%, the CSI 500 (IC) main contract rose 0.59%, and the CSI 1000 (IM) main contract rose 0.24%. In the bond futures market, the 2 - year Treasury bond (TS) main contract rose 0.01%, the 5 - year Treasury bond (TF) main contract fell 0.01%, the 10 - year Treasury bond (T) main contract fell 0.02%, and the 30 - year Treasury bond (TL) main contract rose 0.17% [6][7] - As of 15:24 on December 30, in terms of capital inflows in domestic futures main contracts, CSI 1000 2603 had an inflow of 2.818 billion yuan, CSI 2603 had an inflow of 2.795 billion yuan, and SSE 2603 had an inflow of 1.62 billion yuan. In terms of outflows, Shanghai gold 2602 had an outflow of 7.982 billion yuan, Shanghai silver 2602 had an outflow of 2.928 billion yuan, and Shanghai copper 2602 had an outflow of 1.556 billion yuan [7] 2. Commodity - Specific Analysis 2.1 Copper - **Market Trend**: Shanghai copper opened lower and closed lower on the day. The zero - priced long - term concentrate processing fee for 2026 boosted market sentiment, leading to consecutive days of rising copper prices. However, due to factors such as squeezed copper product profits, decreased capacity utilization, and weak downstream demand, the upward drive was affected. But the strong upward trend of copper remained unchanged [9] - **Supply and Demand**: SMM predicted that the electrolytic copper output in December would increase by 65,700 tons month - on - month, a 5.96% increase, and a 6.69% year - on - year increase. The continuous accumulation of cathode copper inventory on the Shanghai Futures Exchange indicated a decline in downstream purchasing power [9] 2.2 Lithium Carbonate - **Market Trend**: Lithium carbonate opened and closed lower on the day. Although the downstream energy - storage battery market continued to grow, the growth rate slowed down. The expected production cut of lithium iron phosphate in the first quarter weakened the support for lithium carbonate prices [11] - **Supply and Demand**: SMM data showed that the output of lithium carbonate increased by about 150 tons last week to 22,161 tons. The production of lithium extraction from salt lakes continued to decline. The downstream demand was expected to weaken as the terminal peak season was coming to an end, and the purchase tax would be halved starting next year [11] 2.3 Crude Oil - **Market Trend**: OPEC+ countries reaffirmed the suspension of production increases in the first quarter of next year. However, due to the end of the demand peak season, the continuous increase in US oil inventories, and the high - level production of US crude oil, the crude oil market remained in a state of supply surplus. It was expected to fluctuate weakly, and attention should be paid to the situation in Venezuela and the progress of the Russia - Ukraine peace talks [12][13] 2.4 Asphalt - **Market Trend**: The supply of asphalt was expected to decrease as some refineries planned to switch production or stop production. The demand in the north was gradually ending, but the winter storage demand continued to be released. The price of asphalt in Shandong rose slightly, and it was expected that the asphalt futures price would fluctuate. Attention should be paid to the situation in Venezuela [14] - **Supply and Demand**: Last week, the asphalt production rate increased by 3.7 percentage points to 31.3%. The domestic asphalt production in January 2026 was expected to be 2 million tons, a 7.3% month - on - month decrease. The downstream construction rate mostly declined, and the inventory - to - sales ratio of refineries increased slightly [14] 2.5 PP (Polypropylene) - **Market Trend**: The downstream demand for PP was in the late peak season, with orders continuing to decline. Although the overall sentiment of bulk commodities was boosted, the supply - demand pattern remained unchanged. It was expected that the upward space was limited, and the L - PP spread was expected to narrow [16] - **Supply and Demand**: As of the week of December 26, the downstream construction rate of PP decreased by 0.56 percentage points to 53.24%. The construction rate of PP enterprises decreased to about 82%, and the petrochemical inventory was at a relatively high level [16] 2.6 Plastic - **Market Trend**: The plastic market was affected by factors such as new production capacity and the end of the peak season for agricultural films. Although the overall sentiment of bulk commodities was positive, the supply - demand pattern remained unchanged. It was expected that the upward space was limited, and the L - PP spread was expected to narrow [17][18] - **Supply and Demand**: As of the week of December 26, the downstream construction rate of PE decreased by 0.62 percentage points to 41.83%. New production capacity was put into operation, and the construction rate decreased slightly. The demand for agricultural films decreased, and the downstream purchasing willingness was weak [17] 2.7 PVC - **Market Trend**: The supply of PVC decreased slightly, and the downstream demand was weak. The export situation was not optimistic, and the social inventory was still high. It was expected that PVC would fluctuate. The real estate market was still in the adjustment stage, and improvement required time [19] - **Supply and Demand**: The PVC construction rate decreased by 1.13 percentage points to 77.23%. The downstream construction rate decreased by 0.87 percentage points, and the export orders decreased slightly [19] 2.8 Coking Coal - **Market Trend**: Coking coal opened lower and closed higher on the day. Although the downstream demand was weak, the market was affected by factors such as the expected production cut of mines and the progress of winter storage. It was expected to fluctuate strongly, but attention should be paid to frequent capital rotation [20][21] - **Supply and Demand**: The utilization rate of coking coal mines decreased by 2.41% month - on - month. The import of coal increased, and the total inventory increased by 54,600 tons. The profit of coke enterprises decreased, and the fourth round of price cuts was initiated [21] 2.9 Urea - **Market Trend**: Urea opened flat and closed higher on the day. Although the spot market continued to decline, the futures market rebounded, and the sentiment improved. There was limited fundamental support, and the market was expected to fluctuate at a high level [22] - **Supply and Demand**: The current daily output of urea was 200,000 tons. There were plans for production cuts in the southwest in January, but also plans for the resumption of production of previously shut - down devices. The downstream compound fertilizer factory's construction rate decreased, and the inventory decreased [22]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: December 30, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Market Review - **Futures Market Quotes**: The opening price of SHFE Zinc 2601 was 23,130 yuan/ton, closing at 23,200 yuan/ton, up 90 yuan or 0.39%, with a trading volume of 13,730 lots and a decrease of 3,358 lots in open interest. SHFE Zinc 2602 opened at 23,105 yuan/ton, closed at 23,255 yuan/ton, up 125 yuan or 0.54%, with a trading volume of 93,687 lots and a decrease of 3,738 lots in open interest. SHFE Zinc 2603 opened at 23,130 yuan/ton, closed at 23,285 yuan/ton, up 110 yuan or 0.47%, with a trading volume of 65,566 lots and an increase of 3,134 lots in open interest [7] - **Market Analysis**: The strong performance of domestic silver and copper drove up the center of gravity of SHFE zinc. LME zinc reached a high of $3,146.5/ton on Monday. The tight domestic mine supply continued to be transmitted, with lower processing fees and reduced arrivals supporting the continuous decline of social inventories. The inventory of zinc ingots in seven major regions on Monday was 111,900 tons, a decrease of 12,600 tons compared with last week. Near the end of the year, most traders closed their accounts, environmental protection restrictions in North China were still in place, demand weakened, the spot trading atmosphere was weak, and the spot premium declined [7] Industry News - **Price Range**: On December 29, 2025, the mainstream transaction price of 0 zinc was concentrated between 23,250 - 23,635 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 23,180 - 23,565 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at about 23,275 - 23,670 yuan/ton. In the Tianjin market, the 0 zinc ingot was mainly traded at 23,030 - 23,470 yuan/ton, and in the Guangdong market, the 0 zinc was mainly traded at 23,070 - 23,480 yuan/ton [8] - **Premium and Discount**: In the morning, the market offered a premium of 100 yuan/ton for the next - month ticket against the SMM average price. In Ningbo, the regular brand offered a premium of 240 yuan/ton for the 2601 contract and a premium of 140 yuan/ton for the Shanghai spot. In Tianjin, Zijin offered a premium of 80 - 120 yuan/ton for the 2601 contract, and the common 0 zinc offered a discount of 20 to a premium of 50 yuan/ton for the 2601 contract. In Guangdong, the mainstream brand offered a discount of 5 yuan/ton for the 2602 contract [8] Data Overview - The report includes data on the weekly inventory of zinc ingots in seven major regions by SMM, LME zinc inventory, the price trends of zinc in two markets, and SHFE month - to - month spreads, with data sources from Wind and the Research and Development Department of CCB Futures [11][14][15]