Lead premiums have so far been unaffected by a widening backwardation as Indian consumers continue to buy from the spot market, while European spot zinc demand remains low amid stable premiums after the weakest consumption data in five years was announced for 2019.
London Metal Exchange three-month lead spread was in a $54.50-per-tonne backwardation on Tuesday February 25 No sign of physical tightness is seen; live lead stocks on the LME rose to 65,325 tonnes on Tuesday, up from 58,500 tonnes last Tuesday The International Lead and Zinc Study Group (ILZSG) said European refined zinc usage dropped to a five-year low in 2019 Lackluster spot trading seen in zinc markets with premiums unchanged across different markets Indian buying continues despite lead backwardationThe LME three-month lead price has lost 5.4% since the start of 2020, but...