European tin market tightens<\/p>\n
LONDON (Reuter): Stubborn tightness in good quality tin
\nbrands, particularly Chinese and Indonesian, is driving European
\npremiums steadily higher, traders said yesterday.<\/p>\n
Traders said Chinese tin was trading at premiums as high as
\n$60 per ton over LME cash prices. Last week premiums were quoted
\nat US$40\/$50.<\/p>\n
\"The Chinese shipments aren't regular monthly shipments so
\noccasionally you'll see a glut of metal, reflected in a $20\/$30
\npremium. But now stocks are depleted,\" a trader said.<\/p>\n
Some traders were reluctant to quote premiums for Indonesian
\ntin, which was in scarce supply. In fact, the Indonesians
\nthemselves were seeking to buy the metal in Europe, they said.<\/p>\n
\"They may be looking to cover themselves in case of delayed
\nshipments,\" a trader said. \"Indonesian is very hard to get a hold
\nof.\"<\/p>\n
But another said parcels of Indonesian tin may be coming in to
\nEurope in the near term.<\/p>\n
Meanwhile the crisis in the Malaysian ringgit was having no
\nnoticeable effect on the European physical market despite pushing
\ndomestic tin prices sharply higher.<\/p>\n
\"Mining in Malaysia carries on as before despite the ringgit
\nprices. They can't automatically switch on production and they
\ndon't have anything mothballed,\" a trader said.<\/p>\n
The market overall was mildly bullish and several traders
\nexpected prices to build on recent gains and hit the $6,000 per
\nton level.<\/p>\n
Three months London Metal Exchange (LME) prices were currently
\njust under $5,800, up around $100 from a week ago and $400 higher
\nthan a month ago.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/european-tin-market-tightens-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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