SHFE/LME price ratio pulled back to oscillate around 8.3, closing the import window for zinc ingot [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

SMM News on June 20: This week, the SHFE/LME price ratio declined and fluctuated around 8.3, with the import window for zinc ingot remaining closed. Overseas, geopolitical risks rapidly escalated internationally, and the strengthening of the US dollar index put pressure on LME zinc, causing it to decline. Mid-week, the US Fed maintained the benchmark interest rate unchanged, and retail sales data for May fell short of expectations. As the US dollar index fluctuated and pulled back, the center of LME zinc prices shifted upward and then fluctuated. Domestically, positive news emerged from the Lujiazui Financial Conference, driving SHFE zinc prices upward on the macro side. However, on the supply side, the expected increase in supply remained unchanged, while domestic consumption gradually weakened, leading to an accumulation of zinc ingot inventory and 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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