GLOBAL ZINC & LEAD WRAP: Auto closures rattle market; eyes on India shutdown

Premiums for zinc and lead ingots were unchanged in the week to Tuesday March 24 because the majority of market participants have withdrawn from spot buying amid shutdowns in galvanizing and automotive businesses.

  • US zinc, lead premium stable but market watching for effect of auto closures on demand 
  • Shanghai premium unmoved due to slack import demand; Southeast Asia premium slips 
  • European market could see more weakness in near term.

Spot buying slows in India amid lockdown, rupees decline
Spot trading interest in lead metal was low in the Indian market due to a nationwide lockdown and decline in the value of the rupee against the dollar this week.
"Because of the lockdown, customs has become very slow and trade is getting hit badly," a trader source said, adding that major batteries producers Exide Industries and Amara Raja are mulling a cut in lead purchases for Indian operations.
Industrial operations in 75 districts are greatly reduced till the end of this month while only essential services are allowed.

Ports, deemed essential, are still operating to clear cargos. Nonetheless, deliveries are coming at...

Published

Anna Xu

Archie Hunter

Julian Luk

Karen Ng

Hassan Butt

Rijuta Dey Bera

March 25, 2020

15:04 GMT

Shanghai, New York, Singapore, London