In lead, premiums were steady across the globe this past week, with those in the United States buoyed by elevated freight costs.
- Zinc market quiet after high LME price, wide backwardation and strong dollar limit spot demand.
- European premium stable, reflecting small recovery from eight-year lows amid tightened supply.
- Strong freight rates support US lead and zinc markets.
- Wide backwardation stifles demand in China and Southeast Asia, leaving most premiums lower.
European zinc premiums stabilize just below first 2019 deals
The SHG zinc ingot premium in northern Europe
was stable at $118-125 per tonne duty-paid fca on November 13. Several deals were reported at the upper end of the range this week, on a Rotterdam or Antwerp fca basis.
Notably, the current assessment level showed a small recovery from the eight-year lows reached last month and reflected a slight tightening of supply in the region following recent stock drawdowns.