More than 1,000 tonnes was delivered into LME-listed warehouses in Singapore on the morning of Friday January 25, taking the total LME tin stock count back above 2,000 tonnes.
After today’s morning inflow, tin’s outright price dropped $500 per tonne against just 315 lots traded by 10:30am London time.
The delivery goes some way to assuaging growing concerns of tightness in the refined tin market which hit a seven-month high price of $21,070 per tonne on Thursday, up 8.3% since the start of the year.
The tin price continues to be the best performer of the LME base metals complex this year, as it was in 2018, due to a restriction of export flows from Indonesia, the world’s second largest global exporter.
LME stock drawdown
Earlier this week,...