LIVE FUTURES REPORT 22/01: Tin up 3.4%, lead up 2.5% in week of Biden boost but rising Covid-19 worries

The London Metal Exchange base-metals complex finished the week to Friday January 22 on a broadly positive note, with most metals prices up from their Monday levels, albeit trading sideways from Thursday.

Tin’s three-month price showed the biggest rise of the week from Monday’s closing price. Friday’s 5pm price was $21,960 per tonne, up by 2.4% from Monday’s closing price of $21,235 per tonne, but $40 per tonne lower than on Thursday. Tin set a new year-to-date on Thursday of $22,395 per tonne. This was also the highest forward price for the metal since mid-2014. “Open interest has dropped by a total of 4% over the week, suggesting that the tin price strength is mainly the result of short-covering activity,” Fastmarkets analyst Boris Mikanikrezai said in a morning note. “The short-covering rally is not surprising, given...

Published

Ana de Liz

January 22, 2021

17:47 GMT

London