SHFE/LME Zinc Price Ratio Fluctuates Near 7.5, Zinc Ingot Import Window Remains Closed [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

SMM September 18: This week, the SHFE/LME zinc price ratio pulled back to around 7.5 and fluctuated, with the zinc ingot import window remaining closed. Overseas, on the macro front, the US Fed meeting cut interest rates by 25 basis points as expected, but the monetary policy stance was less dovish than anticipated, putting short-term pressure on nonferrous and precious metal prices. However, low LME zinc inventory still provided support for LME zinc, which fluctuated after declining. Domestically, zinc ingot inventory saw slight destocking, but consumption still fell short of the same period in previous years, suppressing SHFE zinc. Additionally, overseas macro sentiment turned bearish, putting SHFE zinc under pressure. Amid sustained LME outperforms SHFE, the SHFE/LME price ratio declined. Next week, the SHFE/LME price ratio is expected to continue falling.