SHFE/LME price ratio rises to 8.8, zinc ingot import window opens [[SMM] Weekly Review of SHFE/LME Zinc Price Ratio]

SMM, May 9: This week, the SHFE/LME zinc price ratio climbed to around 8.8, with the zinc ingot import window remaining open. Overseas, the final S&P Global US Services PMI for April came in at 50.8, lower than the previous reading and expectations, indicating a strong risk-averse sentiment in the market. LME zinc prices rose slightly, while the US Fed continued to hold off on interest rate cuts. Powell reiterated his willingness to wait for a clearer outlook before taking action. The US dollar index strengthened, causing LME zinc prices to decline. Domestically, China's State Council Information Office held a press conference, where PBOC Governor Pan Gongsheng announced RRR cuts and interest rate cuts, as well as a reduction in personal housing provident fund loan interest rates. The domestic macroeconomic environment improved again, and the trade war continued to ease, driving SHFE zinc prices higher. Amid the domestic market outperforming overseas market, the SHFE/LME zinc price ratio climbed. It is expected that next week, the SHFE/LME zinc price ratio will continue to maintain a fluctuating trend.

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