SHFE/LME zinc price ratio fluctuated around 7.5, zinc ingot import arbitrage window remains closed [SMM Weekly SHFE/LME Zinc Price Ratio Review]

SMM September 26 News: This week, the SHFE/LME zinc price ratio continued to fluctuate around 7.5, with the zinc ingot import window remaining closed. Overseas, many US Fed officials released hawkish signals, increasing uncertainty about future interest rate cuts. LME zinc declined initially, but then recovered losses as nonferrous metals broadly rose, influenced by stronger copper prices. Domestically, the peak consumption season characteristics were relatively weak, and zinc supply remained generally loose. SHFE zinc trended lower, then edged up and fluctuated after being supported by rising copper prices and continued domestic inventory declines. Amid persistent LME outperforms SHFE conditions, the SHFE/LME ratio stabilized at a low level, with market attention on zinc ingot export opportunities. Next week, the SHFE/LME ratio is expected to remain stable.