The SHFE/LME zinc price ratio continued to fluctuate last week. Weak overseas demand led to an increase of over 20,000 mt in deliveries to LME, reaching a high not seen in over a year, adding pressure from overseas oversupply.
Similarly, domestic supply of zinc ore remains relatively abundant, with continuous influx of imported zinc ingots and insufficient support for spot premiums, leading to a downward trend in zinc prices and continued volatility.
It is expected that the ratio will continue to fluctuate at the current level.
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