Tin futures rose above $25,600 per tonne at the end of December, extending its rally since the start of the month to set a higher close on the year, supported by persistent supply concerns and bets of stronger demand. Higher tin prices over the period were mainly attributed to the halt of production from Myanmar’s Wa region in August. The region was responsible for 70% of the output from Myanmar, the world’s 3rd largest producer, and the main supplier for top consumer China. Consequently, China was forced to seek tin supplies from alternative sources, driving imports from the Democratic Republic of Congo to soar by 24% in the first three quarters of the year, and raising buying competition in other global benchmarks. Additionally, bad weather in Congo and poor road conditions toward the end of the year hampered output out of the country, countering the sluggish macroeconomic backdrop in China that pressured prices since October.
MLX Price at posting:
29.0¢ Sentiment: Hold Disclosure: Held
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