SHFE/LME zinc price ratio fluctuated around 7.4, zinc ingot exports continued to open [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

SMM November 14 News: This week, the SHFE/LME zinc price ratio fluctuated around 7.4, with the import window for zinc ingots remaining closed. Overseas, the US government shutdown ended, and the market priced in subsequent data releases and actual economic risks. The US Fed cautiously released hawkish signals, dampening expectations for interest rate cuts. LME zinc inventory continued to operate at low levels, and LME zinc pulled back by the end of the week. Domestically, most economic data fell short of expectations, and macro sentiment cooled. However, TC for zinc concentrates continued to decline, providing bottom support from the supply side, and SHFE zinc fluctuated downward. Amid persistent LME outperformance versus SHFE, the SHFE/LME zinc price ratio fluctuated. Next week, the SHFE/LME zinc price ratio is expected to remain stable.