More LME zinc, lead deliveries on sluggish demand
- Significant deliveries of zinc and lead metal to LME sheds showed ample availability and poor demand
- Fastmarkets’ latest tally of zinc production lost so far this year because of the Covid-19 pandemic amounts to 744,000 tonnes
- The arbitrage remains closed for the Chinese zinc market, with spot trading minimal
- Indian factories could remain open amid a partial Covid-19 lockdown, boosting spot-market appetite for secondary lead ingot and bullion.
More zinc and lead metal was delivered into LME sheds on July 22, with net increases of 12,400 tonnes and 12,850 tonnes in ‘live stock’ of zinc and lead respectively, indicating sluggish demand in the physical market.
On-warrant zinc stock in Port Klang rose by 8,225 tonnes, with 1,000 tonnes and 3,625 tonnes going into sheds in Singapore and Bilbao respectively.
The inflow of zinc put pressure on...