Spot buying slows in India amid lockdown, rupees decline
- 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 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...