Zinc premiums jump in New Orleans

May 24, 2013 | 04:21 PM | Barbara O'Donovan

Tags  zinc, premiums, New Orleans, warehouses, warehousing, special-high-grade zinc, SHG, London Metal Exchange warehouses LME warehouses

NEW YORK — Offers for special-high-grade (SHG) zinc in New Orleans have risen considerably in recent weeks, according to market participants.

Traders with metal on the ground in New Orleans are now offering premiums for SHG of between 6 and 7 cents per pound basis f.o.t., sources said.

"If someone comes to me looking for metal, I’m offering 7 cents (per pound)," one trader told AMM.

The increase comes as zinc inventories in London Metal Exchange-approved warehouses in New Orleans continue to be tied up in lengthy queues and after Baar, Switzerland-based Glencore Xstrata Plc apparently signaled to its customers that it would have no spot availability from its Portovesme smelter in Italy until June at the earliest, the trader said.....

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