European premiums hold amid market volatility
- European market participants question possible tin concentrate shortage
- US merchants report oversupplied market
- Weak demand caps Asian tin premiums
In Europe, Fastmarkets assessed the premium for 99.9% standard-grade tin ingot with 300ppm lead content on an in-warehouse Rotterdam basis, at $410-450 per tonne on Tuesday June 11, maintaining a range held since April 2.
Participants in the physical tin market continue to report broadly volatile market conditions amid an 80% uptick in LME stocks over the May period, with some suggesting the market is adjusting to rumored concentrate shortages and sizable amounts of off-warrant material.
Total on-warrant tin stocks are now at 3,275 tonnes, up from just 555 tonnes on-warrant this time last month – the lowest level of deliverable London Metal Exchange tin since 1989.
“I think there’s a lot of unknown tin stocks around in China and I’m seeing a fair...