Zinc ingot premiums dipped on a delivered basis in Italy and remain flat elsewhere in Europe, in Asia and in the United States on Tuesday April 17; meanwhile the lead market is eyeing cargoes from key exporter Iran, where the fallout of a currency crisis there is limiting shipments from the country.
Delivered zinc premiums drop in Italy Lead market eyes currency crisis, exports from Iran Premiums for zinc ingots dropped marginally on a delivered basis in Italy, after availability of material and some lowball offers into the market subdued levels. Metal Bulletin assessed zinc premiums in Italy at $190-200 per tonne on a delivered basis on Tuesday. Warehouse premiums in Italy remain at two-and-a-half-year lows of $155-165 per tonne duty-paid, free carrier agreement, after dropping at the beginning of April. "The numbers are pretty much going down," a zinc trader told Metal Bulletin. The London Metal Exchange cash/three-month spread has widened to $15 per tonne contango from $7.50 per tonne last Wednesday and having traded in backwardation the week before that. "Spreads are still not wide enough to cover your physical carry, although they're improved recently," the same trader said. Rotterdam and Antwerp duty-paid fca premiums both remain at $125-135 per tonne...