首页|Asian zinc premiums mixed; Wt premiums rising in Singapore
Asian zinc premiums mixed; Wt premiums rising in Singapore
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NSTL
Asian physical zinc premiums over the LME cash price were mixed in the week ended Friday, with warrant premiums of Chinese zinc brands in Singapore LME-registered warehouses making another big jump. As of Friday, warrant premiums of Chinese zinc in Singapore were quoted at 40 dollars-45 dollars a metric ton, in-warehouse Singapore basis, up from 30 dollars-40 dollars/ton a week before. "Two days ago, we heard 35 dollars/ton for HX brand from London. But now, there's nothing below 40 dollars/ton," a Singapore-based trader said. Zinc premium rises are more driven by supply tightness, while the demand side hasn't changed much, traders said. Zinc supply tightness in Singapore warehouses is because traders prefer to use their stocks as collateral for bank loans, leaving the metal unavailable to buyers. Attractive rebates from warehouse operators for putting the metal in their storage facilities are another reason for the unavailability of the metal. These conditions have been ongoing for months, catapulting zinc warrant premiums to the current level, from 6 dollars-15 dollars/ton in the first quarter of this year. So far, no one can estimate the amount of zinc under financing or warehouse obligations in Singapore.
NSTL
