South Asia lead premiums drop on unseasonably weak demand
- A backlog of uncleared lead cargoes sit in Indian ports in the fourth week of June, a time that typically would have been a peak production period for battery production in China.
- Appetite for zinc and lead units is also low in the United States amid virus-hit business closures, with the North American division of trading house Traxys quitting the zinc and lead metal trading business.
- LME on-warrant zinc stock has risen by 37,825 tonnes so far this month.
- ILZSG pegs the refined zinc market in a 240,400-tonne surplus across the first four months of 2020
Lead premiums have dipped in South Asia on sellers struggling to shift units in the face of weak demand, sources said.
Fastmarkets lead 99.97% ingot premium, cif India dropped to $50-100 per tonne on June 23, from $60-120 per tonne a fortnight earlier....