GLOBAL ZINC & LEAD WRAP: Indian lead hits 10-month high on Iranian supply disruption; wide spreads pressure EU zinc premiums

Premiums for 99.97% lead ingots hit a 2018 high in India due to continued spot market tightness after Iran’s currency issue, while European and Southeast Asian lead premiums were unchanged in the week to Tuesday June 12, covered by long-term contracts.

Premiums for ‘three-nines’ lead ingots hits record high in India after Iran restricted exports London Metal Exchange zinc cash/three-month price backwardation widened to $30 per tonne on Tuesday, Rotterdam and Antwerp zinc premiums under pressure Closed arbitrage window and high stocks in bonded zone pressure China’s zinc premium  Indian lead premiums at 10-month high, interest in overseas ingots, bullions Premiums for secondary lead shipped to India continued to tick up this week while buyers sought material to plug the gap arising from Iranian export restrictions. Premiums for 99.97% lead, on an India cif basis, rose to $55-65 per tonne on June 12, its highest since August 2017, up from $50-60 per tonne a week ago. There is also buying interest for lead ingots from Nigeria, which could be over $15 per tonne more expensive than Iranian units, with interest in off-grade materials, such as lead bullions from countries in the...

Published

Anna Xu

Dalton Barker

Julian Luk

Hui Li

June 13, 2018

10:30 GMT

Shanghai, London, Chicago