The SHFE/LME zinc price ratio pulled back to around 7.1 and fluctuated [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: Feb 13, 2026 15:08

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[SHFE/LME price ratio pulled back to fluctuate near 7.1] This week, the SHFE/LME zinc price ratio pulled back to fluctuate near 7.1, and the zinc ingot import window remained closed. Overseas, although strong non-farm payrolls prompted the market to scale back bets on US Fed interest rate cuts, US retail sales unexpectedly stalled in December, geopolitical risks persisted, and LME social inventory continued to draw down, providing price support. LME zinc consistently fluctuated at highs.

This week, the SHFE/LME zinc price ratio pulled back to fluctuate near 7.1, with the import window for zinc ingots remaining closed. Overseas, although strong non-farm payrolls prompted the market to scale back bets on US Fed interest rate cuts, unexpected stagnation in US December retail sales and lingering geopolitical risks, coupled with continued destocking of LME zinc inventory, provided price support, keeping LME zinc prices fluctuating at highs. Domestically, most participants have already entered a holiday period, resulting in weak trading activity, and with domestic inventories continuously rising, SHFE zinc prices experienced wide swings. Overall, the SHFE/LME price ratio declined. Next week, the ratio is expected to continue its downward trend.

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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