Tin futures surged above $25,600 per tonne, the highest in over three weeks on expectations of a supply shortage in the global tin market. Despite China's slow demand recovery, the upcoming prohibition of tin mining in Myanmar's Wa region and Indonesia's export ban on tin ingots are set to significantly tighten the market. Starting from August 1, 2023, all mining activities, including exploration and processing, will be suspended in the Wa state to preserve remaining resources. Additionally, Indonesia aims to encourage domestic processing by banning the export of tin ingots. Looking ahead, prices are expected to continue rising in the long term, supported by strong demand from the energy transition and green technologies such as solar panels and electric vehicles, along with the persistent tightness in the market.
MLX Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
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