Report Information - Report Title: Zinc Futures Daily Report [1] - Date: March 5, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating No relevant information provided. Core Viewpoints - The zinc market is affected by multiple factors, including the geopolitical situation in the Middle East, domestic environmental protection policies, and downstream consumption recovery. The high - inflation expectation caused by the blockade of the Strait of Hormuz and the strong rebound of the US dollar put pressure on non - ferrous metals. Although zinc is less directly affected, the expected supply disruption from Iranian zinc mines supports the tight zinc ore market. High inventory and weak demand suppress zinc prices, and the spot discount remains low. Future zinc price trends depend on the evolution of the US - Iran situation and the progress of domestic downstream resumption and inventory reduction [7]. Summary by Directory 1. Market Review - **Futures Market Data**: For the Shanghai zinc futures, the 2603 contract opened at 24,470 yuan/ton, closed at 24,400 yuan/ton with a decrease of 115 yuan and a decline rate of 0.47%, and the position decreased by 830 to 8,530. The 2604 contract (the main contract) opened at 24,375 yuan/ton, closed at 24,480 yuan/ton, down 145 yuan or 0.59%, with a position decrease of 8,042 to 87,434. The 2605 contract opened at 24,330 yuan/ton, closed at 24,540 yuan/ton, down 145 yuan or 0.59%, and the position increased by 2,130 to 64,951 [7]. - **Market Situation**: Non - ferrous metals showed a mixed trend. The US - Iran conflict affected the Middle East aluminum supply chain, leading to production cuts and higher production costs, thus pushing up aluminum prices. Shanghai aluminum and nickel rose due to capital inflows, while Shanghai tin led the decline. The high - inflation expectation caused by the Strait of Hormuz blockade led to a significant drop in the expected interest rate cut in June, and the strong US dollar put pressure on non - ferrous metals. The supply situation of each metal led to differentiated trends. Zinc was less directly affected, but the expected supply disruption of Iranian zinc mines supported the tight zinc ore market. During the Two Sessions in China, environmental protection restrictions in North China tightened, downstream consumption recovered slowly, and social inventory was expected to continue to increase this week. High inventory and weak demand led to a low - level spot discount. The Shanghai market had a discount of 70 yuan to the 04 contract, the Tianjin market had a discount of 10 yuan to the Shanghai market, and the Guangdong market had a discount of 105 yuan to the 04 contract [7]. 2. Industry News - **Price and Quotation on March 4, 2026**: The mainstream transaction price of 0 zinc was concentrated between 24,365 - 24,620 yuan/ton, and double - swallow zinc was traded between 24,465 - 24,710 yuan/ton. The mainstream transaction price of 1 zinc was between 24,295 - 24,550 yuan/ton. In the morning, the market offered a premium of 20 - 40 yuan/ton for the next - month ticket based on the SMM average price, and there was no quotation against the market [8]. - **Regional Market Conditions**: In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,385 - 24,620 yuan/ton, with a discount of 50 yuan/ton to the 2604 contract and a premium of 30 yuan/ton to the Shanghai spot. In the Tianjin market, 0 zinc ingots were mainly traded between 24,360 - 24,670 yuan/ton, and Zijin zinc was traded between 24,400 - 24,670 yuan/ton. The 1 zinc ingots were traded around 24,310 - 24,560 yuan/ton. Zijin zinc offered a premium or discount of 0 - 30 yuan/ton to the 2604 contract, and Huzinc was priced at 25,070 yuan/ton. The 0 zinc ingots offered a discount of 0 - 70 yuan/ton to the 2604 contract, and the Tianjin market had a discount of about 20 yuan/ton to the Shanghai market. In the Guangdong market, 0 zinc was mainly traded between 24,330 - 24,575 yuan/ton, with a discount of 125 yuan/ton to the 2604 contract, and the price difference between Shanghai and Guangdong narrowed [8]. 3. Data Overview - The report provides four data charts: the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM seven - region zinc ingots (in ten thousand tons), and the LME zinc inventory (in tons), with data sources including Wind and SMM [11][12]

美联储洛根：高通胀预期变得根深蒂固，纠正起来成本高昂。 ...