US tin premiums at fresh all-time highs
- The few US traders with spot tin set their terms in brisk trade
- European premium reflects short prompt supply, historic backwardation
Dwindling supply of spot tin again pushed premiums in the United States up sharply and to new record highs since Fastmarkets began these assessments.
Fastmarkets heard of multiple bids, offers, and sales in a notably active period, marked by both sellers and buyers searching for spot tin.
The normally small and stable US market has erupted since December, with no tin being produced in the country and imports delayed.
Shipping problems related to the Covid-19 pandemic are worsening while Chinese New Year (February 12) approaches – and the only available tin in London Metal Exchange-listed warehouses is in Asia.
With business increasingly being done on a warehouse basis, the in-warehouse premium gained most, rising by almost 17% in the past two weeks, having...