The premium to be paid on purchases of lead ingots went up in India over the week ended Wednesday May 1, with buying spurred by low exchange rates before the imminent beginning of the monsoon season. Elsewhere, physical zinc premiums remained low in Europe, with sales prompted by record-high backwardations in the forward price.
Lead premiums rise from one-year lows in IndiaZinc premiums remain at 10-year low in EuropeUS, China markets sluggish with participants absent for holidays Indian lead premiums rise on stockpilingThe premium for 99.97% lead ingots rose in India on April 30, with market participants in the country taking advantage of the falling prices to stockpile material.The premium rose to $50-70 per tonne cif India on Tuesday, up from the one-year low level of $35-60 per tonne between March 19 and April 23.The London Metal Exchange daily unofficial three-month lead price toppled on May 1 to close at $1,860-1,862 per tonne, although by Tuesday's close it had already gone down by 9.5% from a peak on February 28 of $2,170-2,172 per tonne.The lower prices led to units being snapped up by Indian importers looking for material before the monsoon began."For now, demand is very good," an importer...