Reuters reported that premiums for physical zinc in Europe held steady this week with demand little changed and a recent jump in stocks having little impact because the metal went into New Orleans far from consumers' reach.
Traders said that zinc premiums to the London Metal Exchange cash price were at USD 110 per tonne to USD 130 per tonne this week. Premiums are going to stay at that level. The European market was fairly balanced.
The trader of the metal in New Orleans said that it can stay there for quite some time. It's far away from any consumption area. Removing metal from there was logistically challenging. Inventories of zinc rose again climbing 525 tonnes to 7 year high of 764,250 tonnes. Zinc traded at USD 2,417.50 per tonne at 1104 GMT from USD 2,400 the close on Thursday.
Another trader said that premiums could stay under pressure. It seems there's a build up of stocks in China. People are afraid some of this material is going to come to Europe.
豫公网安备41010502003434号