Ann: Change in substantial holding, page-31

International Tin Association.

1		13 Jun 2024 Dear readers, With LME 3-month price closing at ,365 yesterday, tin price is holding strong despite the major correction seen across the base metal complex this month, reflecting significant support from tin fundamentals in addition to speculative interest. Despite progress on licensing in Indonesia, May's exports of 3,300 tonnes were still down 54% year-on-year while monthly tin-in-concentrate shipments from Myanmar are expected to remain low for May and June. Having built up to a record high, SHFE stocks have begun to decline, falling 7.5% last week, the largest single-week drop in over a year. Tightening feedstock supply and expected smelter maintenance this summer could accelerate this drawdown. Activity in the global spot market appears to have slowed, dampened by elevated LME prices and higher financing costs while the spread of the LME 3-month price over cash price has moved back into contango. Tom Langston - Senior Market Analyst