The lead market in the United States is set to tighten due to the impact of Nyrstar declaring force majeure on lead supply contracts from its Port Pirie smelter in Australia, although US lead premiums are steady for now.
In Shanghai, zinc premiums continued to fall due to low demand. European zinc premiums remained moribund despite mass cancellation of special high grade zinc ingots from local LME warehouses Persistent backwardation in LME forward curve hits European zinc spot trade although it has narrowed to $150 per tonne from $161 per tonne on May 28 Indian lead demand unaffected by backwardation in cash/three-month spread, which widened to $43.5 per tonne on June 11. Low demand depresses Asian zinc premiumsZinc premiums in Shanghai continued to fall this week because of low buying interest, which also pressured the Taiwan zinc premium lower. Fastmarkets' assessment of the premium for special high grade (SHG) 99.995% purity zinc fell to $90-100 per tonne cif Shanghai on Tuesday June 11 - a drop of $10 on both ends of the range - from one week earlier.The Fastmarkets assessment of the premium for Shanghai-bonded in-warehouse zinc slid...