The SHFE/LME zinc price ratio pulled back to oscillate around 8.2, and the import window for zinc ingots closed [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

SMM News on June 27: This week, the SHFE/LME zinc price ratio declined and fluctuated around 8.2, with the zinc ingot import window remaining closed. Overseas, macro factors saw a comprehensive ceasefire between Israel and Iran, energy prices pulling back from highs, US interest rates and the US dollar index declining, geopolitical risk appetite improving, and macro sentiment turning positive. Additionally, workers at a 345,000 mt/year capacity smelter in Peru announced a strike, providing fundamental support, driving LME zinc prices higher. Domestically, the expected buildup in social inventory of zinc ingots did not materialize, and some large smelters are scheduled for maintenance and production cuts in July, increasing bullish sentiment. Driven by the LME market, SHFE zinc prices rose. With overseas market outperforming domestic market, SHFE zinc prices rose, and the SHFE/LME zinc price ratio declined. It is expected that next week, the SHFE/LME zinc price ratio may maintain a fluctuating trend.

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