European zinc premiums recover
- European zinc premium rises from 8-year low.
- Long term zinc and lead contract talks in China started at a conference in Shaanxi province last week.
- Secondary lead premiums drop in India, Southeast Asia on higher availability.
- US zinc market participants preparing for higher premiums.
The premium for SHG zinc ingots in northern Europe
rose on Tuesday November 6 from an eight-year low reached last week, firming to $118-125 per tonne duty-paid, fca in Antwerp.
Spot transactions reflected a small increase in premiums paid, with market participants noting a drop in warehouse availability.
Just 200 tonnes of zinc are on-warrant in London Metal Exchange warehouses in Antwerp, with 100 tonnes in Rotterdam and the remaining 300 tonnes of available material in Europe in Bilboa.
Some 17,800 tonnes are canceled in Antwerp, down from 27,975 tonnes on October 31.
Market participants told Fastmarkets...