Jamieson, Fausset and Brown on Zechariah 11:10

10. covenant which I made with all the people--The covenant made with the whole nation is to hold good no more except to the elect remnant. This is the force of the clause, not as Maurer, and others translate. The covenant which I made with all the nations (not to hurt My elect people, Ho 2:18). But the Hebrew is the term for the elect people (Ammim), not that for the Gentile nations (Goiim). The Hebrew plural expresses the great numbers of the Israelite people formerly (1Ki 4:20). The article is, in the Hebrew, all the or those peoples. His cutting asunder the staff "Beauty," implies the setting aside of the outward symbols of the Jews distinguishing excellency above the Gentiles (see on Zec 11:7) as God's own people.