Europe Zn: Some 2020 contracts settled

The annual supply deals were agreed for small tonnages and were not representative of the overall European market as most SHG zinc consumers will prefer to wait until next year before finalising their 2020 contracts. The annual premium of $120/t fca in Europe for next year is $20/t below the benchmark of $140/t fca Rotterdam for 2019. The zinc spot market remained inactive with most plants in Europe winding down activities ahead of the end of the year. The Argus weekly assessment for the European SHG zinc premium was unchanged today at $40-80/t in-warehouse Rotterdam, the lowest level since Argus launched the assessment in August 2013. Zinc warrants for delivery in Rotterdam were traded at $25/t over the period. The backwardation in nearby spreads on the London Metal Exchange is also deterring new transactions as traders prefer to limit their risk exposure. "I'm not bothering with zinc; it's going into the year-end, the spread is going to get more volatile," said one broker. The cash-three month spread was last at $5.50/t backwardation at 1605 GMT, significantly narrower than the height of $26/t on 2 Dec. On-warrant LME zinc stocks fell by 5,075t or 10.6pc over the week to 42,850t today. Cancelled warrants increased to 15,300t, up by 4,025t, or 35.7pc, from the previous week. The three-month LME zinc contract continued to hover near three-month lows at $2,227/t today, down 1.3pc from $2,256/t on 2 December.source: Argus Media

Europe Zn: Some 2020 contracts settled

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