ZINC & LEAD WRAP: Asian zinc premiums continue to fall; growing LME backwardation, supply disruption tighten US lead market

摘要

The lead market in the United States is set to tighten due to theimpact of Nyrstar declaring force majeure on lead supply contractsfrom its Port Pirie smelter in Australia, although US lead premiumsare steady for now.In Shanghai, zinc premiums continued to fall due to low demand.- European zinc premiums remained moribund despite masscancellation of special high grade zinc ingots from local LMEwarehouses- Persistent backwardation in LME forward curve hits Europeanzinc spot trade although it has narrowed to $150 per tonne from$161 per tonne on May 28- Indian lead demand unaffected by backwardation in cash/three-month spread, which widened to $43.5 per tonne onJune 11.