GLOBAL ZINC & LEAD WRAP: Indian lead premium rises on a positive arb; Southeast Asia zinc up

The lead premium increased in India on Tuesday January 14 with availability of Iranian lead reduced in line with the US-Iran trade tension, while both Southeast Asian and Italian zinc premiums rose for the first time since the first half of 2019.

The Indian lead premium rose amid an open import arbitrage Southeast Asia zinc premium rose on pick-up in spot trading. Italian premium edges higher on improved liquidity. US, Shanghai zinc premiums stable amid low buying appetite. Indian lead premiums tack higher
Fastmarkets' lead 99.97% ingot premium, cif India rose to $80-100 per tonne over the London Metal Exchange price, the highest since September last year.
The Indian premium rose after an import arbitrage opened. With lead more difficult to get out of Iran and low lead prices restricting availability of scrap - since scrap holders are unwilling to sell at low prices - most business being done is for duty-free brands.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) targeted 17 Iranian metal producers and mining companies - as well as other foreign entities - with fresh sanctions amid increased tension between the...

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