Report Information - Report Name: Zinc Futures Daily Report [1] - Date: February 27, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided Core View - The Shanghai zinc market maintained a volatile trend. The short - term macro geopolitical risk aversion and the rising expectation of interest rate cuts support non - ferrous metals. However, the fundamentals of Shanghai zinc are characterized by weak supply and demand and high inventories, so it is temporarily treated with a volatile mindset [7] Summary by Section 1. Market Review - **Futures Market Quotes**: For the Shanghai zinc futures contracts 2603, 2604, and 2605, the closing prices were 24525, 24570, and 24625 yuan/ton respectively, with declines of - 0.24%, - 0.28%, and - 0.28%. The main contract 2604 had a closing price of 24570, down 70 yuan, with a decline of 0.28% and a position of 66162 lots [7] - **Inventory Situation**: LME zinc ingot inventory continued to decline to below 100,000 tons, with a decrease of 1425 tons to 98400 tons on the 26th. The domestic SMM seven - region zinc ingot inventory increased to over 200,000 tons after the Spring Festival. The internal - external price ratio weakened to 7.24, and the import loss of zinc ingots was 2841.6 yuan/ton [7] - **Market Transaction**: Downstream production enterprises have not fully resumed work this week, mainly digesting pre - holiday inventories. The spot market transactions were light. The Shanghai market had a discount of 10 yuan/ton to the 03 contract, the Tianjin market had a discount of 30 yuan/ton compared to the Shanghai market, and the Guangdong market had a discount of 125 yuan/ton to the 04 contract. The price difference between Shanghai and Guangdong narrowed [7] 2. Industry News - **Price Range**: On February 26, 2026, the mainstream transaction price of 0 zinc was concentrated between 24445 - 24700 yuan/ton, double - swallow zinc was traded between 24535 - 24780 yuan/ton, and 1 zinc was traded between 24375 - 24630 yuan/ton [8] - **Regional Quotes**: In the Ningbo market, the mainstream brand 0 zinc was traded at around 24445 - 24660 yuan/ton. In the Tianjin market, 0 zinc was traded between 24410 - 24640 yuan/ton. In the Guangdong market, 0 zinc was traded between 24330 - 24575 yuan/ton [8] 3. Data Overview - **Data Sources**: The data in the report are from Wind, SMM, and the Research and Development Department of CCB Futures [11][13][15] - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM seven - region zinc ingot weekly inventories, and LME zinc inventories [10][12]

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: February 26, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoint - After a catch - up rise, Shanghai zinc fluctuated in a narrow range. The main contract closed at 24,710 yuan/ton, up 20 yuan with a 0.08% increase, with reduced volume and positions. In the short term, macro - geopolitical risk aversion and rising expectations of interest rate cuts support non - ferrous metals, but the supply - demand imbalance and high inventory in the zinc market restrict its performance. It is advisable to adopt a range - trading strategy for now [7] Summary by Section 1. Market Review - **Futures Market Quotes**: The opening, closing, highest, lowest prices, price changes, price change percentages, open interest, and open interest changes of different Shanghai zinc contracts (2602, 2603, 2604) are presented. The main contract 2603 closed at 24,710 yuan/ton, up 20 yuan with a 0.08% increase, and the open interest decreased by 8,529 lots to 26,600 lots [7] - **Inventory Situation**: During the domestic holiday, LME zinc ingot inventory remained at a low level. On the 24th, LME zinc inventory decreased by 1,425 tons to 99,825 tons. In China, after the holiday, the inventory of zinc ingots in seven regions was 209,700 tons, a cumulative increase of 49,300 tons compared with before the holiday, with a higher increase than the 37,000 tons in the same period last year, and it is at the average level of the past three years [7] - **Spot Market**: Downstream production enterprises have not fully resumed production this week, and the spot market trading is light. The Shanghai market offers a discount of 10 yuan/ton to the 03 contract, the Tianjin market offers a discount of 30 yuan/ton compared with the Shanghai market, and the Guangdong market offers a discount of 115 yuan/ton to the 04 contract, with the price difference between Shanghai and Guangdong expanding [7] 2. Industry News - **Price Range**: On February 25, 2026, the mainstream transaction prices of 0 zinc, 1 zinc, and Shuangyan zinc are given, along with the morning market's premium and discount quotes for different contracts in various regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8] 3. Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory [10][11]