US premiums fall, alongside demand
- Tin premiums decline in the United States with the pandemic fully registering on end demand.
- Backwardation in London Metal Exchange price spreads further inhibits European trade.
- Chinese supply low but so is demand, curbing premiums.
Both tin ingot premiums in the US declined in the two weeks to Tuesday, reflecting a fall-off in demand related to the Covid-19 pandemic.
Fastmarkets assessed the tin 99.85% ingot premium, in-whs Baltimore
at $400-525 per tonne on Tuesday, down by $25-30 per tonne from the prior assessment of $430-550 per tonne on May 19.
The premium had initially slipped to $430-550 per tonne on May 5, when demand concerns began to outweigh supply concerns.
Prior to that, from March 24 to April 21, the premium had been at its highest level in a year...