TIN THE EXCEPTION Tin is the curiosity in the LME basket.It too is experiencing production cutbacks. China's Yunnan Tin, the country's top producer, said it would cut output by 30 percent in the fourth quarter due to weak demand and falling prices.
Refined exports from the world's other big producer, Indonesia, are estimated to have fallen by 67 percent year-on-year in October due to the closure of most of the country's smaller producers.
However, this is one market that actually needs more not less metal. LME stocks are extremely low, which is causing front-month tightness.
The cash-to-three-months period ended the week valued at $365 per tonne backwardation. At $14,700 outright three-month prices bucked the general trend with a weekly rise of $1,300, or 9.70 percent.
The LME minnow looks ill at ease with the "recession trade" that is oppressing the rest of the pack but will struggle to break free from the sense of dark foreboding that hangs over the London "street".
AR1 Price at posting:
5.5¢ Sentiment: Hold Disclosure: Held
