LIVE FUTURES REPORT 29/10: LME tin price sinks below $18,000; lead buoyed by stock outflows

The three-month price of tin on the London Metal Exchange lagged behind at the close of trading on Thursday October 29, showing the greatest daily losses at 1.1% and slipping below nearby support levels.

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...

Published

Hassan Butt

October 29, 2020

17:38 GMT

London