SMM December 26: The SHFE/LME zinc price ratio pulled back to around 7.4 this week, and the import window for zinc ingots remained closed. Overseas, robust economic data boosted demand prospects, and market sentiment was relatively positive, pushing LME zinc higher. However, as overseas inventories continued to increase, surpassing the 100,000 mt mark, upward pressure emerged, and LME zinc came under pressure. Trading was later suspended due to the Christmas holiday. Domestically, the overall macro environment was warm, with prices of precious metals, copper, and other metals repeatedly hitting record highs. Smelters extended maintenance due to raw material issues, leading to tight overall supply, which supported zinc prices and lifted the SHFE zinc price center. The SHFE/LME price ratio declined. Next week, the SHFE/LME price ratio is expected to continue its downward trend.
