LIVE FUTURES REPORT 18/04: LME tin at highest since Aug 2011; nickel up 2.7%

London Metal Exchange tin’s three-month price rose to its highest since August 2011 during trading and was up by 5% at Wednesday's close on April 28 following news from one of the market’s main suppliers while nickel made substantial gains on its fourth consecutive day on the rise.

LME tin’s price reached $28,595 per tonne on Wednesday on news that the world’s third largest tin producer, Malaysian Smelting Corp would not return to its pre-pandemic smelting capacity until the end of 2021.
The news hit a market that was already severely under supplied on the physical side, with some market participants expecting around 5% of total tin production to be lost given MSC’s smelting woes. 

Consequentially, the metal closed up by 5.1% at $28,539 per tonne, up from its Tuesday reading of $27,150 per tonne,...


Ana de Liz

April 28, 2021

17:10 GMT