SHFE/LME Price Ratio Rises, Import Window Opens [SMM Weekly Review on SHFE/LME Price Ratio]

SMM January 10 News: This week, the SHFE/LME zinc price ratio rose above 8.7 and fluctuated, opening the zinc ingot import window. From the overseas market perspective, last Friday, the US December ISM Manufacturing PMI exceeded expectations, and the US November JOLTs job openings data also surpassed forecasts, strengthening the US dollar. LME zinc faced continuous downward pressure. Later, the US December ADP employment data fell short of the expected 140,000, and the decline in LME zinc gradually halted. Domestically, as the Chinese New Year break approaches, factories in various downstream zinc sectors have successively entered the holiday phase, weakening the fundamental support for zinc prices. However, China's December CPI year-on-year growth met expectations at 0.1%, and market sentiment gradually turned positive, leading to a recovery in SHFE zinc after its decline. Overall, the SHFE/LME zinc price ratio increased. It is expected that next week, the SHFE/LME zinc price ratio may continue to fluctuate.

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