PHYSICALS - South Korea's PPS buys 1,000t of lead at a premium of $130/t

Ian Walkerian.walker@fastmarkets.comPhysicals Reporter+44 (0) 20 7337 2145

London 23/08/2016 - South Korea has purchased 1,000 tonnes of lead via a tender at a premium of $130 per tonne, according to the country's state-run Public Procurement Service (PPS).

PPS, which manages the country's strategic stockpile of commodities, bought 1,000 tonnes of 99.99 lead of UK origin from Glencore International at a premium of $130 per tonne over London Metal Exchange (LME) cash prices. The material was delivered into the port of Incheon on a cost, insurance and freight (CIF) basis and carried no tax.

The next-highest bid was at $135 per tonne from Korea Zinc. FastMarkets last assessed the general market premium for 99.99-percent-purity material in South Korea at $135-150 per tonne CIF.

Two tenders also for 99.99-percent-purity lead had previously failed after they did not attract enough bidders.

(Editing by Mark Shaw)

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