SMM December 19: This week, the SHFE/LME zinc price ratio rebounded and fluctuated around 7.5, with the zinc import window remaining closed. Overseas, LME zinc inventory increased significantly to over 95,000 mt, and short-term supply gradually eased, leading to a decline in LME zinc. Subsequently, due to mixed US employment data, the US dollar index fell, and LME zinc stopped falling and stabilized, maintaining a fluctuating trend with an upward movement. Domestically, the economic conference released positive signals, providing macro support. Meanwhile, social inventory continued to decline, and short-term expectations of reduced smelting output provided fundamental support for prices, driving a slight rise in SHFE zinc prices and an upward shift in the price center. The SHFE/LME ratio rose. Next week, the SHFE/LME ratio is expected to continue rising.
