Limited metal supply and steady demand have combined to push lead premiums in the United States higher in the week to Tuesday January 26, while expectations in China of plentiful domestic supply and a closed arbitrage window have capped interest for spot and long-term business.
US lead premiums at highest levels since launch in 2017. Premiums unchanged in Shanghai and Northern Europe. Total zinc LME stocks at 294,500 tonnes, highest levels since June 2017. US 99.99% lead ingot premium jumps 23%
Lead premiums continued to strengthen in the US this week, bolstered by limited spot supply and strong demand during the winter battery-kill season.
Fastmarkets'
lead 99.99% ingot premium, delivered Midwest US rose by 23.4% week on week on Tuesday to 14-15 cents per lb from 11.25-12.25 cents per lb.
The premium moved for the first time since October 19, 2020, reaching the highest level since Fastmarkets started assessing it in January 2017.
The
lead 99.97% ingot premium, ddp Midwest US was stable at 11-13 cents per lb on the same day, maintaining its highest level since September 2016.
News of the closure of a...