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...