NEWSBREAK: MSC declares force majeure due to Covid-19 lockdown

Malaysian Smelting Corporation (MSC) was left with "no choice" but to issue a notice of force majeure on June 7 after the Malaysian government did not grant the tin producer's appeal as an essential service, the company said.

The three-month tin price reached a new year-to-date peak of $31,300 per tonne on the London Metal Exchange on June 8 following the declaration of force majeure, its highest since hitting an all-time-high of $33,600 per tonne in April 2011.

Under the Malaysian government's 3rd Movement Control Order, MSC had been ordered to suspend operations until June 14 under a...

Published

Ana de Liz

June 08, 2021

10:00 GMT

London