SHFE/LME zinc price ratio continues to fluctuate around 8.0 zinc ingot import window remains closed [SMM SHFE/LME Zinc Price Ratio Weekly Review]

SMM August 22 News: This week, the SHFE/LME zinc price ratio continued to fluctuate around 8.0, with the zinc ingot import window remaining closed. Overseas, the minutes of the US Fed's July meeting indicated that most participants viewed inflation as a higher risk than employment, and under the hawkish signals, the market began to worry about the pace of interest rate cuts, leading to weaker market sentiment and a downward shift in the LME zinc center. Domestically, expectations of a zinc surplus persist, with zinc ingot production steadily increasing, but funds still hold an optimistic view on macro policies, and a decline in LME inventory provided support, resulting in a slight downward shift in the SHFE zinc center. In the ongoing situation where the overseas market outperforms the domestic market, the SHFE/LME price ratio is in the doldrums. It is expected that next week, the SHFE/LME price ratio will maintain a fluctuating trend.