Mumbai, 10 Apr (Commoditiescontrol): Tin prices reached their highest point in over a year on the London Metal Exchange (LME) Wednesday, fueled by dwindling stockpiles across the global market. Copper and aluminum prices also experienced gains.
Benchmark three-month tin on the LME climbed 1.1% to trade at $31,485 per metric ton. The price briefly touched $31,680 a ton, a level not seen since January 2023. Similarly, the most-traded May tin contract on the Shanghai Futures Exchange surged by 3.6%, with the price hitting its highest mark since June 2022.
The dwindling stockpiles of tin have driven the price increases. LME tin inventories have plummeted to 4,285 tons, their lowest since July 2023, and a notable 44% drop since the year's start. This supply squeeze was reflected in LME cash tin contracts trading at a $26 a ton premium to the three-month contract, highlighting the immediate demand.
While tin supplies tighten globally, China, the world's largest tin consumer, has seen inventories in SHFE-tracked warehouses rise. Stocks reached an all-time high of 12,823 tons last week. International Tin Association analyst Tom Langston highlighted a divergence between China and global market dynamics.
Copper prices on the LME rose 0.3% to $9,444.50 a ton, with aluminum climbing 0.4% to $2,468.50. Prices of nickel, zinc, and lead also saw gains on the day. Similar positive movements were observed on the Shanghai Futures Exchange.
(By Commoditiescontrol Bureau: 09820130172)
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