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

Save

[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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 mins ago

SHFE zinc recorded a bullish candlestick, and is expected to hover at highs [SMM Zinc Brief Review]

[SHFE Zinc Records a Bullish Candlestick, Expected to Hover at Highs] The most-traded SHFE zinc 2607 contract opened at 24,190 yuan/mt. After the opening, SHFE zinc fluctuated above the daily average line, reaching a high of 24,445 yuan/mt during this period. Subsequently, bulls reduced their positions, and SHFE zinc edged down to test a low of 24,070 yuan/mt. Near the close, SHFE zinc edged up to recoup some losses, finally closing up at 24,360 yuan/mt, up 195 yuan/mt, a gain of 0.81%. Trading volume fell to 122,000 lots, and open interest declined by 4,821 lots to 75,934 lots.....

14 mins ago

2 hours ago

Data: SHFE, DCE market movement (Jun 12)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 Jun , 2026

2 hours ago

Geopolitical Risks Dominate Market, SHFE and LME Both Decline [SMM Market Review - Zinc Weekly Review]

[Geopolitical Risks Dominate Market, SHFE and LME Both Move Lower] At the start of the week, the situation in the Middle East remained volatile, and LME zinc fluctuated; subsequently, the US dollar index declined, and LME zinc rose; however, as market expectations for the US Fed to maintain higher interest rates for longer intensified and the US struck Iran, the center of LME zinc shifted lower; then, Trump announced the resumption of “heavy strikes” against Iran, the US-Iran ceasefire agreement was disrupted, and LME zinc quickly moved lower...

2 hours ago