SMM January 16: The SHFE/LME zinc price ratio continued to fluctuate below 7.6 this week, and the zinc ingot import window remained closed. Overseas, market concerns over the US Fed's independence and the long-term outlook for the US dollar, coupled with high geopolitical risks, pressured the US dollar index to fall, and LME zinc rose. Although expectations for US Fed interest rate cuts later cooled, funds remained relatively active, and LME zinc fluctuated at highs. Domestically, overall fundamentals saw relatively small changes, but macro sentiment remained positive, with high fund enthusiasm, and SHFE zinc continued to rise. Subsequently, insufficient support from domestic fundamentals for prices caused the SHFE zinc price center to decline. Overall, the SHFE/LME zinc price ratio held steady. Next week, the SHFE/LME zinc price ratio is expected to remain stable.
