SHFE/LME Price Ratio Declined to 6.7 and Consolidated Near That Level, Export Window Opens [SMM Zinc SHFE/LME Price Ratio Weekly Review]
[SHFE/LME price ratio dropped to around 6.7 and consolidated]: This week, the SHFE/LME price ratio fell to around 6.7, opening the export window for zinc ingot. Outside China, US-Iran negotiations stalled, the US Treasury bought back long-dated bonds, the US dollar index and US Treasury yields weakened, and non-ferrous metals rebounded overall; fundamentals side, LME inventory remained below 100,000 mt, the 0-3 backwardation structure expanded to above $130/mt, overseas spot zinc was tight, and LME zinc performed strongly.