Reaching an intraday low of $18,215 per tonne, tin futures have fallen more than 7.3% from the November 19 high of $19,700 per tonne. The metal’s LME price remains broadly impervious to continued export delays out of Indonesia.
Elsewhere, zinc’s three-month price continued to slide over the afternoon, nearing $2,400 per tonne while lead’s three-month price reached its lowest level since October 31 at $1,908 per tonne.
Both metals are exhibiting a significant drawdown in LME stock, with zinc’s inventory at 10-year lows while lead stocks are nearing levels seen in 2009.
“Right now, we are seeing zinc, along with the rest of the group all broadly lower once again and we suspect that a host of other markets will be grinding south today...