SHFE/LME price ratio rebounds and consolidates around 6.8, export window opens [SMM Zinc SHFE/LME Price Ratio Weekly Review]
[SHFE/LME price ratio rebounds to around 6.8 and consolidates]: This week, the SHFE/LME price ratio rebounded slightly from lows to around 6.8, with the zinc ingot export window still open. Outside China, the escalating Middle East conflict pushed up oil prices, the US dollar weakened, and nonferrous metals rebounded across the board. Fundamentals side, LME inventory remains low in absolute terms, the 0-3 backwardation structure holds above $130/mt, spot supply outside China is tight, and LME zinc is showing relative strength.