SMM News on May 16: This week, the SHFE/LME price ratio pulled back to around 8.3, and the import window for zinc ingot closed. Overseas, the US and China reduced tariffs, easing trade tensions. LME zinc prices continued to rise, while in the US, retail sales slowed significantly in April and PPI unexpectedly declined, sparking market concerns about a US economic recession and causing LME zinc prices to fall. Domestically, the easing of tariff issues brought positive sentiment, and SHFE zinc prices rose amid improved market sentiment. However, the off-season for consumption persisted, and coupled with high zinc prices, downstream buyers were cautious about purchasing, leading to an accumulation of social inventory and a subsequent decline in SHFE zinc prices. Given the domestic market underperforming overseas market, the SHFE/LME price ratio pulled back. It is expected that next week, the SHFE/LME price ratio may rebound upwards.
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