US lead premiums remained flat as well but may rise in the coming weeks due to the fallout from the closure of Glencore’s New Brunswick lead smelter.
Persistent backwardation pressures North Europe premium lower
Rotterdam and Antwerp zinc premiums fell at the top end of the range in the week, succumbing to pressure from the persistent backwardation in the cash/three-month spread on the LME.
Fastmarkets assessed the zinc SHG min 99.995% ingot premium, dp fca Rotterdam,
at $90-100 per tonne on November 19, down from $90-105 a week earlier. The zinc SHG min 99.995% ingot premium, dp fca Antwerp
, was $90-100 per tonne, also down from $90-105.
It is increasingly difficult to complete trades above $100 per tonne while there is weak physical demand for the metal and while the backwardation in the cash/three-month LME spread - which narrowed to $19 per tonne on Tuesday from...