On the London Metal Exchange, the three-month tin price has fallen by 12.7% since June 5 from above $19,000 per tonne. The price is also down by more than 22% since peaking at a 2019 high of $21,550 per tonne on April 1.
It hit an intraday low of $16,735 per tonne on Monday August 5, its cheapest since June 6, 2016.
While the trend has been lower, the price’s trajectory has not been smooth. It slumped by around 7% on July 2 to below $18,000 per tonne for the first time in three years before a flurry of buying - believed to Asian fund activity - prompted a brief recovery.
“It’s nonsensical - there will have to be a correction soon,” one Europe-based tin trader told Fastmarkets. “I’m finding it hard...