SMM February 28 News: This week, the SHFE/LME zinc price ratio rose to fluctuate around 8.4, and the zinc ingot import window closed. From the overseas market perspective, the US Richmond Fed Manufacturing Index for February increased to 6 from -2 in the previous month, significantly exceeding the market expectation of -3. This marked the first expansion after 15 consecutive months of decline, with strong data performance reducing risk aversion sentiment. LME zinc moved upward; however, uncertainties surrounding international developments and Trump's tariff policies led to a decline in LME zinc. Overseas inventories increased, putting pressure on zinc prices and causing LME zinc to continue its downward trend. Domestically, inventories also recorded an increase, with supply-side increments being released, while downstream consumption had not yet fully recovered. SHFE zinc opened lower with a gap and continued to decline. The expansion of Trump's tariff policies to the copper industry further disrupted the market, leading to continued downward movement in SHFE zinc. The SHFE/LME zinc price ratio rebounded. Next week, the SHFE/LME zinc price ratio is expected to maintain a fluctuating trend.
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