LME zinc stocks are up 45% week on week, flipping the cash/three-month spread into a contango.
There could be more zinc deliveries to LME sheds on sluggish demand amid the logistics lockdown in China.
Increased buying interest in primary lead in India boosted the premium week on week.
An unusually temperate winter hit lead demand in the United States, with fewer car batteries breaking down and needing replacement.
Indian lead buying continues on LME price decline
Primary lead ingots have become more sought after in India due to falling commodity price, pushing up the premium this week.
The lead 99.99% ingot premium, cif India rose by $10 to $160-170 per tonne on Tuesday, the highest since July 2019.
Buyers were keen to take advantage of a lower price to purchase high purity lead. The London Metal Exchange three-month lead price has lost 6% since the start of the...