The SHFE/LME zinc price ratio dropped to around 6.9 and consolidated [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Jul 3, 2026 16:56

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[SHFE/LME Zinc Price Ratio Pulls Back to Near 6.9, Consolidating]: This week, the SHFE/LME zinc price ratio pulled back to near 6.9 and consolidated, with the zinc ingot import window staying closed. Outside China, on the macro front, the US June ADP employment increased by 98,000, the smallest gain since March and below market expectations; the US May non-farm payrolls data fell far short of expectations, rate hike expectations eased, market sentiment improved slightly, and the LME zinc price center rebounded.

SMM July 3: This week, the SHFE/LME zinc price ratio pulled back to around 6.9 and consolidated, while the zinc ingot import window remained closed. Ex-China, on the macro front, US ADP employment increased by 98,000 in June, the lowest increase since March and below market expectations; May US non-farm payrolls data significantly missed expectations, easing interest rate hike expectations. Market sentiment improved slightly, and the LME zinc price center rebounded. In China, TCs continued to decline, and smelter production continued to drop in June-July. The SHFE zinc price center edged up. Overall, the SHFE/LME zinc price ratio rebounded slightly. Next week, the ratio is expected to mainly consolidate.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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