SHFE/LME zinc price ratio consolidates near 6.8 [SMM Weekly Review on SHFE/LME zinc price ratio]

Published: Jul 17, 2026 13:44

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[SHFE/LME zinc price ratio consolidated near 6.8] This week, the SHFE/LME zinc price ratio consolidated near 6.8, with the zinc ingot export window opening intermittently. Ex-China, US June CPI and PPI data came in below expectations, hawkish remarks from the US Fed and repeated Middle East tensions disturbed macro sentiment, and coupled with continued LME inventory destocking and the sustained backwardation structure of LME zinc, LME zinc performed relatively strong.

SMM July 17: This week, the SHFE/LME zinc price ratio consolidated around 6.8, with the zinc ingot export window opening intermittently. Overseas, US June CPI and PPI data came in below expectations, and the US Fed's hawkish remarks and repeated Middle East tensions continued to disrupt macro sentiment. Coupled with the continued destocking of LME inventories and the maintenance of the LME zinc backwardation structure, LME zinc performed relatively strongly. In China, social inventory saw slight destocking but remained elevated, end-use consumption was weak, and both the opening times and volumes of the export window were limited, with SHFE zinc mainly consolidating. Overall, the SHFE/LME zinc price ratio is expected to continue consolidating next week.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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