Macro disturbances are frequent, with the SHFE/LME zinc price ratio fluctuating around 6.9 [SMM SHFE/LME Zinc Price Ratio Weekly Review]

Published: Jun 12, 2026 15:20

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[Many Macro Disturbances, SHFE/LME Zinc Price Ratio Fluctuating Around 6.9]: This week, the SHFE/LME zinc price ratio fluctuated around 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts were repeated, and the short-term escalation risk eased temporarily. The market priced in a 25 basis point rate hike this year, and LME zinc center shifted lower and then fluctuated.

SMM June 12 News: This week, the SHFE/LME zinc price ratio maintained a fluctuating trend around 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts were repeated but short-term escalation risks temporarily eased; the market priced in a 25bp rate hike this year, and LME zinc's center moved lower before fluctuating. In China, the zinc market mainly traded on continuously falling zinc concentrate TCs, ore supply tightness, and the resulting smelting supply changes. However, social inventory destocking pace was slow during the off-season consumption period, and zinc prices were under obvious pressure. SHFE zinc fell and then fluctuated. Overall, the SHFE/LME zinc price ratio maintained a fluctuating trend. It is expected that next week, the ratio will mainly fluctuate.

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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