SMM January 3 News: This week, the SHFE/LME zinc price ratio maintained a fluctuating trend around 8.5, and the zinc ingot import window remained closed. From the overseas market perspective, the market held a pessimistic attitude toward a series of policies after Trump took office, raising concerns about potential suppression of global demand. Meanwhile, US economic data exceeded expectations, the US dollar strengthened, and LME zinc faced continuous downward pressure. Domestically, although China's official manufacturing PMI for December fell short of expectations, it remained in the expansion territory, recording 50.1. SHFE zinc rose rapidly, but later, zinc ingot social inventory increased, the tight spot supply situation eased, and downstream consumption slightly weakened, leading to a decline in SHFE zinc. Overall, the SHFE/LME zinc price ratio maintained a fluctuating trend. It is expected that next week, the SHFE/LME zinc price ratio may continue to maintain a fluctuating pattern.
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