The supply cuts from the largest producers in the world are setting the tin price up for a violent move upwards .Will this be the straw that breaks the camels back ? Or should that be log ,as this is huge news for the tin industry .They are simply uneconomical at these prices .
HONG KONG, Dec 9 (Reuters) - China's top tin producer, Yunnan Tin, stopped production at its sole smelting facility on Dec. 8 due to low prices and a lack of tin concentrates, a director at its trade department said on Tuesday.
The facility in Yunnan province had the ability to produce 70,000 tonnes of tin, he said.
The firm's tin output would be around 60,000 tonnes this year, he added. (Reporting by Polly Yam; editing by Anne Marie Roantree)
MLX Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
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