Macro turns positive, the SHFE/LME zinc price ratio fluctuates around 6.9 [SMM SHFE/LME Zinc Price Ratio Weekly Review]

Published: Jun 18, 2026 15:46

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[Macro Improvement, SHFE/LME Zinc Price Ratio Fluctuated Near 6.9]: This week, the SHFE/LME zinc price ratio fluctuated near 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts were repeated, and the risk of short-term escalation temporarily eased. The market priced in a 25-basis-point rate hike within the year, and LME zinc experienced fluctuations after its center shifted downward.

SMM June 18 News: This week, the SHFE/LME zinc price ratio maintained fluctuations around 6.9, and the zinc ingot import window remained closed. Outside China, the US Fed kept the benchmark interest rate unchanged, expectations of future rate hikes increased, the US-Iran situation eased, macro sentiment improved, low inventory support from LME deliveries weakened, and the LME zinc price center edged up. Domestically, macro sentiment improved and ore tightness continued to support zinc prices, but social inventory still accumulated during the off-season of consumption, and the SHFE zinc price center shifted higher and then fluctuated. Overall, the SHFE/LME zinc price ratio maintained fluctuating trend. Next week, the ratio is expected to mainly fluctuate.

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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