Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints of the Report The weakening of the hawkish expectations trading on Wash has led to an upward trend in the prices of basic metals. Although the macro - outlook has improved, it is still unclear. The raw material supply remains tight, and there are still potential disturbances in the smelting process, providing strong support on the supply side. The terminal demand is weak currently, but there is an expectation of tightened supply - demand balance in the medium term. Overall, copper, aluminum, tin and other metals are expected to maintain a moderately strong oscillatory trend [1]. Summary by Relevant Catalogs 1. Market Outlook - **Copper**: High inventory levels will keep copper prices oscillating at a high level. The supply of copper ore is tight, and the expected reduction in refined copper supply is increasing. However, weak demand and high inventory limit the upward potential of copper prices. In the long - term, copper prices are expected to be moderately strong [6]. - **Alumina**: The expectation of production cuts is pitted against the reality of oversupply, causing alumina prices to oscillate. The average spot price has dropped, and the high - cost inland production capacity is facing losses, increasing the expectation of supply reduction. But the actual supply reduction is insufficient, and the cost is also decreasing [7]. - **Aluminum**: The repeated sentiment of funds causes aluminum prices to fluctuate within a narrow range. The macro - outlook is expected to be positive, but the current demand is weak, and the inventory is accumulating. In the medium - term, the supply is expected to be tight, and the price center is likely to rise [8][9]. - **Aluminum Alloy**: Cost support persists, and prices will oscillate. The cost of scrap aluminum is high, and the supply is tight. Although the demand is affected by high prices, the cost support and the expected supply - demand balance will keep prices moderately strong [10]. - **Zinc**: The significant accumulation of social inventory will keep zinc prices oscillating. The macro - outlook has improved, but the supply pressure has increased, and the demand is in the off - season. In the long - term, zinc prices are expected to decline [11]. - **Lead**: Solid cost support will keep lead prices oscillating. The production of lead ingots has decreased slightly, and the demand is weakening, but the high cost of waste batteries provides support [14]. - **Nickel**: The release of Indonesia's 2026 nickel ore quota has pushed nickel prices higher. The supply pressure is high, and the demand is in the off - season. However, the adjustment of Indonesia's policy on nickel ore has supported nickel prices, and it is expected to be moderately strong [15][16]. - **Stainless Steel**: The rise in nickel prices has led to an upward - oscillating trend in the stainless - steel market. The cost is supported, but the production is expected to decline in February due to the Spring Festival, and the demand is weak. Overall, it is expected to be moderately strong [17]. - **Tin**: The continuous supply contraction provides strong support for tin prices. The supply in some regions is still restricted, and the demand in semiconductor, photovoltaic and new - energy vehicle industries is increasing, so tin prices are expected to be moderately strong [19]. 2. Market Monitoring - **Commodity Index**: On February 11, 2026, the comprehensive index, the commodity 20 index, and the industrial product index of CITICS Futures all showed an upward trend, with increases of 0.32%, 0.27%, and 0.41% respectively. The non - ferrous metal index increased by 0.24% on the day, decreased by 0.08% in the past 5 days, decreased by 5.51% in the past month, and increased by 0.32% since the beginning of the year [147][148].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall situation of the oil and fat market is that prices are oscillating. The domestic fundamentals are loose, and the domestic oil and fat supply is stable. The Sino - US relationship is tense, which has put pressure on the price of US soybeans. The palm oil inventory in Malaysia is neutral, and the demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic oil and fat fundamentals are neutral, and the import inventory is stable [2][3][4] Summary According to Related Catalogs Daily Views - Soybean Oil - Fundamental: MPOB report shows that Malaysia's palm oil production in December decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. The report is slightly bearish. Currently, the export data of Malaysian palm oil in January shows a 29% month - on - month increase, and the supply pressure will decrease in the subsequent production - reduction season. It is neutral [2] - Basis: The spot price of soybean oil is 8410, the basis is 300, and the spot price is at a premium to the futures price. It is bullish [2] - Inventory: On January 9, the commercial inventory of soybean oil was 1.02 million tons, down 60,000 tons from the previous 1.08 million tons, a month - on - month decrease, and up 14.7% year - on - year. It is bearish [2] - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward. It is bearish [2] - Main position: The long positions of the main soybean oil contract are decreasing. It is bullish [2] - Expectation: The price of soybean oil Y2605 will oscillate in the range of 7900 - 8300 [2] Daily Views - Palm Oil - Fundamental: Similar to soybean oil, the MPOB report is slightly bearish, and the supply pressure will decrease in the subsequent production - reduction season. It is neutral [3] - Basis: The spot price of palm oil is 8910, the basis is 4, and the spot price is at a premium to the futures price. It is neutral [3] - Inventory: On January 9, the port inventory of palm oil was 736,000 tons, up 2,200 tons from the previous 733,800 tons, a month - on - month increase, and up 46% year - on - year. It is bearish [3] - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is upward. It is neutral [3] - Main position: The short positions of the main palm oil contract are increasing. It is bearish [3] - Expectation: The price of palm oil P2605 will oscillate in the range of 8700 - 9100 [3] Daily Views - Rapeseed Oil - Fundamental: Similar to soybean oil and palm oil, the MPOB report is slightly bearish, and the supply pressure will decrease in the subsequent production - reduction season. It is neutral [4] - Basis: The spot price of rapeseed oil is 9920, the basis is 789, and the spot price is at a premium to the futures price. It is bullish [4] - Inventory: On January 9, the commercial inventory of rapeseed oil was 250,000 tons, down 20,000 tons from the previous 270,000 tons, a month - on - month decrease, and down 44% year - on - year. It is bullish [4] - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is upward. It is neutral [4] - Main position: The short positions of the main rapeseed oil contract are decreasing. It is bearish [4] - Expectation: The price of rapeseed oil OI2605 will oscillate in the range of 8900 - 9300 [4] Recent利多利空Analysis - Bullish factors: The US soybean stock - to - sales ratio remains around 4%, indicating tight supply. There is a tremor season for palm oil [5] - Bearish factors: The oil and fat prices are at a relatively high level historically, and the domestic oil and fat inventory has been continuously accumulating. The macro - economy is weak, and the expected output of related oils and fats is high [5] - Main logic: The global oil and fat fundamentals are relatively loose [5]

Report Industry Investment Rating - Not provided in the given documents Core Viewpoints of the Report - Domestic commodity futures markets closed with most rising, led by new energy materials. Lithium carbonate rose 9.18%, while shipping futures led the decline, with the Container Shipping Index (European Line) down 1.42% [1] - The U.S. economy shows weak stability in overall volume and structural differentiation. The manufacturing PMI in January was favorable, but the non - manufacturing sector weakened and employment data was below expectations [1] - In January 2026, China's PPI was - 1.4% year - on - year and 0.4% month - on - month, while CPI rose 0.2% year - on - year and 0.2% month - on - month [1] - Domestic equity markets are supported by policy expectations and additional liquidity. Treasury bonds are neutral overall, with better short - end opportunities. Gold in precious metals maintains a long - position standard, and silver is on the sidelines. Non - ferrous metals are still promising, and black commodities are volatile. Crude oil may rise due to geopolitical support, but it is advisable to stay on the sidelines [1] Summary by Relevant Catalogs Market Conditions - **Domestic Commodity Futures**: New energy materials led the gains, with lithium carbonate up 9.18%. Shipping futures led the decline, with the Container Shipping Index (European Line) down 1.42%. Basic metals, energy products, agricultural and sideline products, precious metals, chemicals, and oilseeds mostly rose, while black commodities mostly fell, and non - metallic building materials were mixed [1] - **Financial Markets**: Stock index futures showed different trends, with some rising and some falling. Treasury bond futures had slight fluctuations. The U.S. dollar index and related exchange - rate indicators had certain changes. Interest - rate indicators such as bond yields also fluctuated [8] - **Industry Indexes**: Non - ferrous metals, basic chemicals, steel, and building materials had relatively large increases, while defense, electronics, and media had declines [9][10] - **Overseas Commodities**: Energy products such as oil and natural gas had different price changes. Precious metals, non - ferrous metals, and agricultural products also showed various trends [11][12] - **Domestic Main Commodities**: Different commodities in shipping, precious metals, non - ferrous metals, black building materials, energy chemicals, and agricultural products had different daily, weekly, monthly, quarterly, and annual price changes [13][14][15] Sector - by - Sector Analysis - **Financial Sector**: Stock index futures are expected to fluctuate moderately upward, stock index options focus on call - option defense, and treasury bond futures fluctuate narrowly [4] - **Precious Metals Sector**: Gold and silver prices are in a stage of adjustment, with short - term fluctuations due to weakening previous positive drivers and reduced capital enthusiasm before the Spring Festival [4] - **Shipping Sector**: The pre - holiday market is shrinking, and the Container Shipping Index (European Line) is expected to fluctuate [4] - **Black Building Materials Sector**: Pre - holiday demand has declined, and products such as steel, iron ore, coke, and coking coal are expected to fluctuate. Glass and soda ash prices also fluctuate [4] - **Non - ferrous Metals and New Materials Sector**: With the weakening of hawkish expectations, non - ferrous metals stop falling and fluctuate. Products such as copper, nickel, and stainless steel are expected to have different trends [4] - **Energy Chemical Sector**: Geopolitical situations support oil prices, and chemical products continue to trade sideways. It is advisable to hold light positions during the holiday. Various chemical products are expected to fluctuate [5] - **Agricultural Sector**: As the holiday approaches, most agricultural products are expected to fluctuate. Some products such as live pigs are expected to fluctuate weakly downward [5]

Core Insights - The Chinese futures market experienced a significant increase in activity in January, with trading volume reaching 912 million contracts and turnover hitting 100.26 trillion yuan, representing year-on-year growth of 65.09% and 105.14% respectively [1][2] - The total funds in the futures market grew by over 400 billion yuan, reaching a historical high of 2.57 trillion yuan by the end of January, with client equity increasing to approximately 2.39 trillion yuan, a 19% rise compared to the end of 2025 [1][5] Trading Volume and Turnover - In January, the trading volume across various exchanges showed substantial growth: Shanghai Futures Exchange (SHFE) at 307.67 million contracts (up 102.40%), Dalian Commodity Exchange (DCE) at 234.35 million contracts (up 43.61%), and Zhengzhou Commodity Exchange (ZCE) at 287.79 million contracts (up 53.56%) [2] - The turnover also saw impressive increases, with SHFE at 51.96 trillion yuan (up 278.92%) and ZCE at 7.75 trillion yuan (up 14.73%) [2] Commodity Performance - The top traded commodities by turnover included silver, gold, and copper on SHFE, while ZCE saw high activity in PTA, cotton, and caustic soda [3] - By volume, the leading commodities were silver, nickel, and fuel oil on SHFE, with PTA, glass, and methanol on ZCE [3] Market Drivers - The increase in trading volume and turnover is attributed to the internationalization of futures products and the growing asset allocation value, particularly in precious and non-ferrous metals [4] - The demand for hedging against price risks due to global commodity price fluctuations has also contributed to the increased use of futures tools by enterprises [4] Fund Growth and Market Participation - The total funds in the futures market rose to approximately 2.57 trillion yuan by the end of January, marking a 20% increase from the end of 2025, while client equity reached 2.39 trillion yuan, up 19% [5] - The number of new futures clients increased significantly, with 940,000 new accounts opened in 2025, reflecting a strong interest from various market participants [5][6] Market Structure and Development - The futures market is witnessing a steady expansion in client base and structural optimization, with the total number of effective clients reaching 2.78 million, an 11% increase year-on-year [6] - The continuous high-quality development of the futures market is evident, with improved service to the real economy and a robust trading environment [6]

研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 12 日星期四 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | 能源与化 工 | 甲醇 | 震荡偏多 | 【行情复盘】 周三夜盘主力合约 2605 期货价格上涨 2 元至 2243 元/吨，华东主流地区甲醇现货价 格上涨 5 元至 2215 元/吨。持仓方面，多头持仓增加 1453 手至 47.7 万手，空头持 仓减少 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The Spring Festival market may continue, and attention should be paid to the performance of the style - shifting weighted index. The bond market sentiment has improved, and the rebound trend may continue. [9][10] - For various commodities, different trends and investment suggestions are given based on their fundamentals, market supply - demand, and macro - factors. For example, black commodities are expected to oscillate in the short - term, and some positions of high - level short orders in iron ore can be partially closed for profit. [12] - The performance of different sectors such as macro - finance, black, non - ferrous, agricultural products, and energy - chemical industries is analyzed comprehensively, and corresponding investment strategies are proposed. 3. Summary by Relevant Catalogs 3.1 Futures Trend Based on Fundamental and Quantitative Indicators - **Fundamental Analysis**: Commodities are classified as trend空头 (red dates), 震荡偏空 (carbonate lithium), 震荡 (thirty - year bonds, etc.), 震荡偏多 (fuel oil, etc.) based on fundamental factors. [2] - **Quantitative Analysis**: Commodities are classified as 偏空 (plastic, etc.), 震荡 (rapeseed oil, etc.), 偏多 (corn, etc.) based on quantitative indicators. [4] 3.2 Macro Information - The State Council carried out the 18th special study on "AI +" to promote AI innovation, industry development, and application. China's CPI and PPI data in January were released, with CPI rising and PPI showing a narrowing decline. The US January non - farm payrolls data was strong, affecting market expectations of the Fed's interest - rate cuts. [6] - OPEC maintained its forecast of global oil supply and demand, and OPEC + production decreased in January. [7] 3.3 Stock Index Futures - The launch tests of the Long March 10 rocket and the Mengzhou manned spacecraft were successful. Relevant policies were issued to regulate the power market and prevent monopolistic behavior. ByteDance may be developing an AI chip. [8] 3.4 Treasury Bond Futures - Bond market sentiment improved, and the rebound trend may continue. The capital interest rate was stable, and inflation data was in line with expectations. [10] 3.5 Black Commodities - **Screw and Ore**: The trading rhythm this year is earlier than last year. Steel inventories may be high after the festival. Iron ore supply is abundant. In the short - term, steel and iron ore will oscillate. [12] - **Coking Coal and Coke**: The prices of coking coal and coke may oscillate in the short - term, and attention should be paid to the resumption of coal mines and downstream demand after the festival. [13] - **Ferroalloys**: Manganese ore may see a slight inventory reduction in the short - term. Manganese silicon will oscillate, and silicon iron can be considered as a long - position variety in the medium - term. [15] - **Soda Ash and Glass**: Currently, it is advisable to wait and see. The supply of soda ash is at a high level, and the demand for glass is expected to be weak. [16] 3.6 Non - ferrous and New Materials - **Copper**: Employment and inflation data will increase short - term copper price fluctuations, but copper prices are still supported by expected interest - rate cuts. [18] - **Carbonate Lithium**: In the short - term, it will be in a wide - range oscillation, and attention should be paid to buying opportunities on dips. The market is optimistic about long - term demand. [19] - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate with limited downward adjustment space. Polysilicon will oscillate widely, and cautious operation is recommended. [20] 3.7 Agricultural Products - **Cotton**: It is in a stage of strong supply and weak demand, and Zhengzhou cotton is expected to consolidate at a high level. Short - term trading is recommended. [23] - **Sugar**: Zhengzhou sugar follows international sugar prices and may rebound in a low - level range. Short - term trading in the low - level range before the festival is recommended. [26] - **Eggs**: Before the Spring Festival, it is recommended to reduce positions and wait and see. Attention should be paid to the impact of chicken culling and molting after the festival on the second - quarter contracts. [30] - **Apples**: High - quality apple supplies may remain strong, and the futures price may be bullish. [31] - **Corn**: The purchase and sale are becoming quiet, and attention should be paid to opportunities after the festival. Corn prices will oscillate at a high level before the festival. [32] - **Red Dates**: Currently, it is expected to oscillate weakly. [33] - **Pigs**: The spot price is lower than expected, and it is advisable to stay on the sidelines before the holiday. [35] 3.8 Energy and Chemicals - **Crude Oil**: Although the fundamentals are weak, the market is worried about geopolitical risks. Oil prices will oscillate with limited rebound space. [37] - **Fuel Oil**: Its price will follow the trend of oil prices, and the focus is on the impact of geopolitical factors on oil prices. [38] - **Plastic**: Polyolefins have large supply pressure and may oscillate weakly. [40] - **Rubber**: Overseas production areas are about to stop harvesting, which may support the price, but downstream replenishment is ending. Cautious trading is recommended. [41] - **Synthetic Rubber**: It is recommended to wait and see before the festival and pay attention to the opportunity of going long after the festival. [42] - **Methanol**: The long - term supply - demand pattern is improving, but attention should be paid to the uncertainty of the Middle - East situation. [43] - **Caustic Soda**: It will oscillate before the festival. Attention should be paid to the inventory change and the possibility of production reduction. [43] - **Asphalt**: It follows the trend of oil prices and is stronger than oil prices. The focus is on the change of Venezuelan crude oil discounts. [45] - **PVC**: The long - term supply - demand contradiction has not been improved, and attention should be paid to the risk of price correction. [46] - **Polyester Industry Chain**: It will follow the adjustment of crude oil prices in the short - term. The opportunity of long PTA and short EG arbitrage can be considered. [47] - **Liquefied Petroleum Gas**: Its price will follow crude oil prices, and the geopolitical uncertainty risk still exists. Cautious trading is recommended. [48] - **Paper Pulp**: The short - term price has support, but it is recommended to wait and see due to market risks. [49] - **Logs**: The market expects a pattern of strong supply and weak demand after the festival, and price pressure may increase. Attention should be paid to risk control. [50] - **Urea**: The futures market is emotional, and an oscillating trading strategy is recommended. [51]

为深入贯彻落实习近平总书记对做好"三农"工作的重要指示精神，积极践行服务实体经济的使命，东证期货2025年持续扎实开展乡村振兴工作，将 行业发展融入服务国家战略，多措并举推进一系列帮扶项目，有效深化产业融合，全面壮大村集体经济，进一步推动乡村发展从"夯实基础"向"全面 振兴"跃升。 一、汇聚东证能量，深化公益帮扶 在过去一年里，东证期货从党建共建、产业振兴、消费帮扶及文化赋能等多方面开展了公益帮扶项目。 （一）强化党建引领，提升帮扶质效 始终坚持党的领导，以党建共建为纽带，与乡村振兴地区党组织深化合作，"用心、用情、用力"实现资源共享、力量融合，深度凝聚发展共识。聚 焦当地党员群众的急难愁盼问题，通过"同上一堂党课"、慰问困难党员群众、支持党建活动室设备更新和搭建爱心图书吧等多种形式，把一件件"关 键小事"办成"暖心实事"。 （四）挖掘红色文化，擦亮公益品牌 2025年度，东证期货携自有品牌"IF公益"继续沿着红军长征足迹，来到胜利会师的终点站——宁夏西吉县，通过深入挖掘西吉县的红色内涵，推动 红色资源在促进村镇产业发展和乡村旅游发展等工作中的创造性转化与创新性发展。 在结对帮扶的兰考县和延长县等地，依托各自 ...

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 12 日星期四 Morning session notice 早盘提示 | | | | 黑色建材 | 铁矿 | 震荡 | 铁矿: 【行情复盘】 周三铁矿收跌。夜盘收跌。 【重要资讯】 1、中汽协：1 月份我国新能源汽车产销同比分别增长 2.5%和 0.1%。 2、据 Mysteel 统计，16 家重点房企 2026 年 1 月销售额合计 702.63 亿元，同比下 降 12.8%，环比下降 50.9%。 3、2026 年 1 月份，全国居民消费价格同比上涨 0.2%。其中，城市上涨 0.2%，农村 上涨 0.1%；食品价格下降 0.7%，非食品价格上涨 0.4%；消费品价格上涨 0.3%，服 务价格上涨 0.1%。1 月份，全国居民消费价格环比上涨 0.2%。其中，城市上涨 0.2%， 农村上涨 0.2%；食品价格持平，非食品价格上涨 0.2%；消费品价格上涨 0.2%，服 | | --- | --- | --- | --- | | | | | 务价格上涨 0.2%。 | | | | | 4、大 ...

来源：市场资讯 股指： （王东灜，从业资格号：F03087149；交易咨询资格号：Z0019537） 春节期间，地缘风险是影响A股的重要因素之一。其一，美伊局势值得关注，目前美国再次向本国公民 发布撤离提示，局部冲突的风险正在逐步升高；其二，日本右翼政党选举中取胜，对于地区发展的影响 值得长期关注。作为战略储备资源的贵金属和其他有色金属主要计价现有国际秩序的不确定性，春节前 后波动可能增加。对股指而言，当前指数波动率逐渐回落，如果节日期间爆发地缘冲突，指数波动率可 能短期上升。 （朱金涛，从业资格号：F3060829；交易咨询资格号：Z0015271） 昨日国债期货收盘，30年期主力合约涨0.05%，10年期主力合约涨0.06%，5年期主力合约涨0.04%，2年 期主力合约基本持稳。中国央行2月11日开展4000亿元14天期和785亿元7天期逆回购。据qeubee统计， 公开市场有750亿元7天逆回购到期，实现净投放4035亿元。资金面来看，DR001上行0.5BP至1.37%， DR007下行2BP至1.54%。短期来看，继央行结构性降息之后财政政策接续发力，稳增长政策持续出台 背景下债市持续走强动力不足， ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating No investment rating provided in the content. Core View - The poor retail sales data in the US in December 2025 led to an increase in interest - rate cut expectations. The weaker US dollar pushed the non - ferrous sector to rebound. Shanghai zinc fluctuated at a high level, with the main contract closing at 24,585, up 140 or 0.57%. The domestic demand side is in the Spring Festival off - season mode, procurement is almost finished, the market is in a state of having prices but no transactions, and the spot premium is stable. On the 11th, LME zinc inventory decreased by 1,500 tons to 105,250 tons, with 0 - 3C at 19.55. The market will focus on the non - farm payrolls data on Wednesday evening and the CPI inflation data on Friday. Considering the uncertainties during the Spring Festival holiday, investors are advised to hold light positions and pay attention to risk prevention [7] Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2602, the opening price was 24,550 yuan/ton, the closing price was 24,400 yuan/ton, the highest was 24,550 yuan/ton, the lowest was 24,295 yuan/ton, down 230 yuan or 0.93%, with a position of 5,425 and a decrease of 150 in position. For SHFE zinc 2603, the opening price was 24,465 yuan/ton, the closing price was 24,455 yuan/ton, the highest was 24,555 yuan/ton, the lowest was 24,330 yuan/ton, down 130 yuan or 0.53%, with a position of 60,049 and a decrease of 3,452 in position. For SHFE zinc 2604, the opening price was 24,545 yuan/ton, the closing price was 24,505 yuan/ton, the highest was 24,590 yuan/ton, the lowest was 24,370 yuan/ton, down 115 yuan or 0.47%, with a position of 78,739 and an increase of 1,001 in position [7] 2. Industry News - On February 11, 2026, the mainstream transaction price of 0 zinc was concentrated between 24,380 - 24,555 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 24,310 - 24,485 yuan/ton. In the morning, the market offered a premium of 40 - 50 yuan/ton to the SMM average price, and there was almost no offer against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,330 - 24,495 yuan/ton. The regular brands in Ningbo were offered at a discount of 45 yuan/ton to the 2603 contract and 10 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area was to offer against the 2603 contract [8] - In the Tianjin market, the mainstream 0 zinc ingots were traded at 24,330 - 24,530 yuan/ton, Zijin was traded at 24,260 - 24,430 yuan/ton, and 1 zinc ingots were traded at around 24,260 - 24,430 yuan/ton. Zijin had no offer for the 2603 contract, and Huxin was offered at around 25,360 yuan/ton. The 0 zinc ingots were offered at a discount of 10 - 50 yuan/ton to the 2603 contract, and the Tianjin market was at a discount of about 50 yuan/ton compared to the Shanghai market [8] - In Guangdong, the mainstream 0 zinc was traded at 24,560 - 24,700 yuan/ton. The mainstream brands were offered at a discount of 55 yuan/ton to the 2603 contract, and the price difference between Shanghai and Guangdong narrowed [8] 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - monthly spread, with data sources including Wind and SMM [12][13]