The record-high backwardation in the LME cash/three-month spread pushed the zinc premium in Europe to a historical low and the Taiwan zinc premium to decline for the first time in five months, while the recent drop in the LME lead price attracted buying interest in India and pushed the premium up.
The European zinc premium fell to a historical low amid a record high LME backwardationTaiwan zinc premium decreases for the first time since mid-DecemberOther Asian zinc premiums unchanged with the spot market very quietThe Indian lead premium surges amid increased buying interest after the LME lead price dropsUnited States' zinc, lead markets stable Historic backwardation sends European zinc premiums to lowest since 2005 Zinc premiums in Europe dropped further this week to a historic low level concurrent with LME spreads being in their steepest backwardation since 2006. Fastmarkets assessment of the premium for special high grade (SHG) zinc, fca Rotterdam was at $85-100 per tonne on Tuesday May 14, compared with $90-102 per tonne on May 7, its lowest level since the assessment launched in January 2017.This is the second week that both premiums are trading at parity, with Fastmarkets' assessment...