Meanwhile, a large cancelation in the morning meant that LME lead futures remained elevated over the day.
Tin’s outright price on the LME closed at $17,822 per tonne on Thursday afternoon, falling from an intraday high of $18,080 per tonne, while turnover was moderate at just over 340 lots exchanged by the 5pm London close.
Downward price movements in LME tin emerged after the metal’s forward curve flipped into backwardation earlier this week. Tin’s benchmark cash/three-month spread was recently trading in a $6 per tonne backwardation, swinging from a $10 per tonne contango last week.
Tighter forward spreads for LME tin...