European premiums decline on excess supply, soft demand
Fastmarkets’ tin 99.9% ingot premium, in-whs Rotterdam
- 99.9% European tin premium declines for the first time in five months
- Trade in the United States holds in range but some say floor is moving lower
- Asian premiums hold in thin trade
, was $360-420 per tonne on Tuesday November 19, down 2.5% at the midpoint from $380-440 per tonne when the price was previously assessed two weeks ago. This was its first decline since June 25.
Strong availability of free-floating Metal Exchange warrants and continued uncertainty about the outright price and underlying fundamentals have discouraged prospective buyers.
On-warrant tin stock on the London Metal Exchange remains is ample at 5,805 tonnes; traders, unable to find a premium for 99.9% ingots in the physical market, are delivering onto the exchange as a market of last resort.