The SHFE/LME price ratio continues to fluctuate around 8.4, with the import window for zinc ingots closed [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: Jun 13, 2025 16:30

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[SHFE/LME zinc price ratio continues to oscillate around 8.4, zinc ingot import window remains closed]: This week, the SHFE/LME zinc price ratio has continued to oscillate around 8.4, with the zinc ingot import window remaining closed. Overseas, macro data indicates a cooling in both US employment and inflation, with expectations for US Fed interest rate cuts within the year strengthening. Tensions in the Middle East have escalated, exacerbating geopolitical risks, and the US tariff dispute has resurfaced, putting continuous downward pressure on LME zinc.

SMM News on June 13: This week, the SHFE/LME price ratio fluctuated around 8.4, and the import window for zinc ingots remained closed. Overseas, macro data indicated a cooling in both US employment and inflation, strengthening expectations for a US Fed interest rate cut within the year. The escalation of tensions in the Middle East exacerbated geopolitical risks, and the resurgence of US tariff disputes added further pressure, causing LME zinc prices to decline continuously. Domestically, in terms of supply, there was still an increase in zinc ingot production. However, as the country entered the off-season, the low zinc prices prompted downstream users to restock slightly, but the impact on end-user orders was limited, leading to a fluctuating downward trend in SHFE zinc prices. The SHFE/LME price ratio continued to fluctuate. It is expected that next week, the SHFE/LME price ratio may continue to fluctuate.

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