SHFE/LME Zinc Price Ratio Pulled Back to Oscillate Around 6.9 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: May 15, 2026 16:31

Save

[SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated]: This week, the SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated, with the zinc ingot import window remaining closed. Outside China, there were frequent fundamental disruptions: Peru issued an energy emergency decree, Kazakhstan's Zazzinc reduced operations at its lead-zinc mine following an accident, and Peru's Cajamarquilla zinc smelter was shut down due to a fire. Tight supply sentiment intensified, and LME zinc pulled back slightly after surging to a three-year high.

SMM May 8 update: The SHFE/LME zinc price ratio pulled back to around 6.9 this week and oscillated, with the zinc ingot import window remaining closed. Outside China, there were multiple fundamental disruptions: Peru issued an energy emergency decree, Kazakhstan's Zazzinc reduced load at its lead-zinc mine following an accident, and Peru's Cajamarquilla zinc smelter was shut down due to a fire. Tight supply sentiment intensified, and LME zinc pulled back slightly after surging to a three-year high. In China, ore supply tightness intensified further, zinc concentrate TCs continued to decline, and the supply side provided strong bottom support. However, consumption remained sluggish, and SHFE zinc moved lower after its center shifted upward. Overall, the SHFE/LME zinc price ratio pulled back. The ratio is expected to mainly oscillate next week.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Outside China Geopolitical Disturbances, SHFE Zinc Edged Up [SMM Zinc Morning Comment]

[SMM zinc morning comment] Overnight, the most-traded SHFE zinc 2607 contract opened at 24,700 yuan/mt. At the beginning of the session, SHFE zinc briefly dipped to a low of 24,620 yuan/mt. Subsequently, bulls added positions, and SHFE zinc fluctuated upward, testing a high of 24,795 yuan/mt near the end of the session. It finally closed higher at 24,770 yuan/mt, up 140 yuan/mt, or a 0.57% gain. Trading volume decreased to 43,112 lots, and open interest increased by 1 lot to 91,906 lots.

4 hours ago

Long and short funds stalemate at high levels, LME zinc fluctuates [SMM Morning Meeting Summary]

[SMM Morning Meeting Summary: Capital Bulls and Bears in High-Level Stalemate, LME Zinc Fluctuates]: Overnight LME zinc opened at $3,534/mt. Early in the session, it quickly rose to a high of $3,547.5/mt before bulls reduced positions, sending LME zinc sharply lower to a low of $3,513/mt during European trading. Afterwards, with bulls and bears locked in a tug-of-war, LME zinc fluctuated and eventually closed lower at $3,534.5/mt, down $6/mt, or 0.17%. Trading volume fell to 9,816 lots, and open interest decreased by 151 lots to 234,000 lots.

4 hours ago

21 hours ago

Data: SHFE, DCE market movement (Jun 08)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 Jun , 2026

21 hours ago