Rotterdam, Antwerp premiums widen upward
- Rotterdam, Antwerp zinc premiums widen upward with trade increasingly possible at higher levels
- US, China zinc premiums flat on low spot interest
- US sees demand spike in lead, premiums unchanged
- Asian secondary lead premium falls on weak rupee, LME backwardation.
Premiums for special high grade (SHG) zinc ingot in Rotterdam and Antwerp rose at the top end of the range on September 10, with business becoming increasingly possible at higher levels.
Spot market activity remained somewhat subdued amid a $3.50 per tonne backwardation in the London Metal Exchange cash/three-month zinc spread.
A strengthened three-month zinc price, trading around $2,300 per tonne since dipping to $2,199 per tonne on September 3, has failed to fully enliven spot-market activity, but the limited trades that have been reported continued to show increases week on week.
Fastmarkets’ assessment of the zinc SHG, min 99.995% ingot...