[Macro Improvement, SHFE/LME Zinc Price Ratio Fluctuated Near 6.9]: This week, the SHFE/LME zinc price ratio fluctuated near 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts were repeated, and the risk of short-term escalation temporarily eased. The market priced in a 25-basis-point rate hike within the year, and LME zinc experienced fluctuations after its center shifted downward.

[Many Macro Disturbances, SHFE/LME Zinc Price Ratio Fluctuating Around 6.9]: This week, the SHFE/LME zinc price ratio fluctuated around 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts were repeated, and the short-term escalation risk eased temporarily. The market priced in a 25 basis point rate hike this year, and LME zinc center shifted lower and then fluctuated.

[SHFE/LME zinc price ratio fluctuated around 6.9]: This week, the SHFE/LME zinc price ratio fluctuated around 6.9, and the zinc ingot import window remained persistently closed. Outside China, on the macro front, repeated geopolitical news caused fluctuations in US Treasury yields and the US dollar index, affecting the market. Tariff policy expectations stirred again, combined with persistently low zinc inventories outside China, and LME zinc continued to fluctuate at highs.

[SHFE/LME zinc price ratio continued to fluctuate around 6.9]: This week, the SHFE/LME zinc price ratio fluctuated around 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts in the Middle East showed signs of easing, expectations of monetary tightening strengthened against the backdrop of rising inflation, and with ex-China zinc inventory persistently low, LME zinc fluctuated at highs.

[Domestic Zinc Concentrates Market] According to market sources, the scrambling sentiment for ore raw materials remained strong recently. With the SHFE/LME zinc price ratio remaining unfavorable, smelters prioritized purchasing domestic zinc concentrates given the price advantage, and zinc concentrate TCs continued to decline across multiple regions in China.

[SHFE/LME zinc price ratio maintained fluctuating trend near 6.9]: This week, the SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9, and the zinc ingot import window remained closed. Outside China, tensions in the Middle East had not yet eased, increasing market uncertainty. The US dollar index pulled back, and combined with persistently low ex-China zinc inventory levels, LME zinc maintained a fluctuating trend.