Zinc premiums dipped in Europe but were flat elsewhere, reflecting the onset of the summer slowdown, although US demand for lead and zinc is reportedly improving.
SHG zinc premiums drop in Antwerp, backwardation in forward curve re-emerges Cash/three-month spread swings to $13 backwardation vs contango last week Some US lead buyers picking up tonnages at low numbersNorth European premiums down, backwardation subdues spot activityPremiums for special high grade (SHG) zinc ingot in northern Europe dipped on Tuesday July 30, reflecting reduced spot activity in the region and the re-emergence of a backwardation in the forward curve.The LME's cash/three-month zinc spread swung to a $13 per tonne backwardation on July 30 from a contango in the previous week.Fastmarkets' assessment of the zinc SHG min 99.995% ingot premium, dp fca Rotterdam, was $85-105 per tonne on July 30, down from $90-110 per tonne a week earlier.Fastmarkets assessed the zinc SHG 99.995% ingot premium, dp fca Antwerp, at $85-105 per tonne on the same date, also down from the previous week."The market is super quiet. If anyone is...