Tight supply of lead ingots resulted in an increase in lead premiums in the United States in the week to Tuesday February 23, taking them close to 2013 levels, while zinc premiums remained stable across the world.
Lead's three-month contract price on the London Metal Exchange reached $2,185 per tonne on February 22, the highest since October 31, 2019.Zinc premiums were unchanged in China and Europe; demand was still to pick up in Shanghai following the Lunar New Year holiday.Premiums were stable in Southeast Asia, but were expected to rise following warehouse stock declines.On February 23, zinc's three-month price on the LME touched its highest since April 2019, at $2,952.50 per tonne.On-warrant material has decreased by 11% to 237,700 tonnes on the LME since February 1.Lead sellers were able to set high prices and consumers were ready to pay the higher premiums due to the acute supply...