SMM News on April 24: This week, the SHFE/LME price ratio rebounded to around 7 and fluctuated, with the zinc ingot import window remaining closed. Overseas, US-Iran negotiations eased, market risk appetite improved, LME inventory continued destocking, bears reduced positions and exited, and the LME zinc center shifted upward. At the end of the week, US-Iran tensions resurfaced, and LME zinc edged lower. Domestically, the overseas market drove SHFE zinc higher, while China's zinc ingot social inventory built up and downstream end-use consumption was mediocre, leading SHFE zinc to gradually pull back at a moderate pace, with the SHFE zinc center under pressure. Overall, the SHFE/LME price ratio rebounded. Next week, the SHFE/LME price ratio is expected to fluctuate.
