LIVE FUTURES REPORT 27/07: LME tin price above $18,000 at year-high; lead performs well despite inflows

The three-month price of tin on the London Metal Exchange was higher at the close of trading on Monday July 27, at its highest settlement price since July 2019 in a 2.2% rise on the day, with lead futures following upward despite a sizable 10,000-tonne stock inflow.

Tin’s outright price on the LME closed at $18,035 per tonne on Monday afternoon, climbing by more than 2% from an intraday low of $17,620 per tonne, while turnover was strong at more than 450 lots exchanged by the 5pm close. Yet rises in the LME price of tin came despite a continued influx of material to the exchange, with the metal’s wide backwardation over the June-July period deterring forward-buying against high financing costs. LME tin’s benchmark cash/three-month spread narrowed to a $30 per tonne backwardation on Monday, from a $90 per tonne backwardation last week. Still, the metal’s tight spreads continued...


Hassan Butt

July 27, 2020

16:32 GMT