Some say weak European demand is weighing on sales, premiums.
US market illiquid; premiums hold, despite pressure from aggressive new suppliers.
Weak demand kept Chinese tin premiums unchanged.
Low prices, supportive spreads fail to budge European premiums
In Europe, Fastmarkets assessed the premium for tin 99.9% ingot, in-whs Rotterdam, at $380-430 per tonne on Tuesday July 16, with the range holding at its lowest level since November 2018.
Despite the static premiums, however, physical tin participants continue to monitor a broadly volatile London Metal Exchange tin market, with the three-month price trading on either side of the key $18,000-per-tonne threshold and down more than 6% month on month.
Forward spreads in LME tin remain supportive of spot business, with the metal’s benchmark cash/three-month spread recently trading in a contango of $39 per tonne, while the nearby cash/August spread was recently in a $45 per tonne contango.
Some market participants maintain that dip-buying opportunities are...