The SHFE/LME zinc price ratio fluctuated, and the import window for zinc ingot was closed

Published: Jul 4, 2025 17:26

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[SHFE/LME price ratio pulls back to around 8.2, fluctuating; zinc ingot import window remains closed]: This week, the SHFE/LME price ratio maintained a fluctuating trend around 8.2, and the zinc ingot import window remained closed. Trump's "Big and Beautiful Act" was passed in the Senate, and as the July 9 deadline for the suspension of trade tariffs approaches, market risk aversion has risen. However, the US dollar index first fell and then rose, with LME zinc maintaining a fluctuating trend. The US ADP employment figure for June ultimately recorded a decrease of 33,000, the largest decline since March 2023. The market has increased expectations for multiple interest rate cuts by the US Fed this year, and LME zinc has continued to rise.

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