US lead premium close to eight-year high
- Lead’s three-month contract price on the London Metal Exchange reached $2,185 per tonne on February 22, the highest since October 31, 2019.
- Zinc premiums were unchanged in China and Europe; demand was still to pick up in Shanghai following the Lunar New Year holiday.
- Premiums were stable in Southeast Asia, but were expected to rise following warehouse stock declines.
- On February 23, zinc’s three-month price on the LME touched its highest since April 2019, at $2,952.50 per tonne.
- On-warrant material has decreased by 11% to 237,700 tonnes on the LME since February 1.
A continuing shortage of lead ingots in the US pushed the 99.97% ingot premium almost to the 2013 high this week.
Lead sellers were able to set high prices and consumers were ready to pay the higher premiums due to the acute supply...