SHFE/LME Zinc Price Ratio Pulled Back to Around 7 and Oscillated [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: May 8, 2026 15:30

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[SHFE/LME zinc price ratio pulled back to around 7 and oscillated]: This week, the SHFE/LME zinc price ratio pulled back to around 7 and oscillated, with the zinc ingot import window remaining closed. Outside China, geopolitical conflicts in the Middle East showed signs of easing, U.S. Treasury yields and the U.S. dollar weakened, market concerns over high inflation eased, non-ferrous and precious metal prices rose, and the LME zinc price center moved higher.

SMM May 8 update: The SHFE/LME zinc price ratio pulled back to around 7 this week and oscillated, with the zinc ingot import window remaining closed. Outside China, Middle East geopolitical conflicts showed signs of easing, US Treasury yields and the US dollar weakened, market concerns over high inflation eased, non-ferrous and precious metal prices rose, and the LME zinc price center moved higher. China side, macro sentiment improved somewhat. Fundamentals side, domestic ore supply tightness intensified, TCs fell below historical lows, providing strong bottom support on the supply side, and the SHFE zinc price center shifted upward. Overall, the SHFE/LME zinc price ratio pulled back. The ratio is expected to oscillate mainly next week.

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