Ann: Quarterly Activities Report, page-7

Current tin price is 7% below average for last quarter. Tin price is a risk.

I suppose the key in the outlook is whether output can be maintained around the June month's 1000 tonnes. If so output rises 20% on the 10000 tonnes produced over the last year.

From the International tin council

25 Jul 2024 Dear readers, The base metal complex has witnessed a widespread drop in prices over the past two weeks, largely attributed to weak economic indicators from China and bearish sentiment following the Third Plenum conference, which failed to introduce new stimulus measures despite an unexpected cut in interest rates. The sharp drop in global semiconductor share value last week also weighed on the tin price; the LME 3-month price is down 14.5% since the last 'Tin in the News,' finding some stability around $US 30,000 per tonne. It will be intriguing to observe whether lower prices stimulate an uptick in physical buying during what is typically a slower season for tin demand. Reports indicate increased spot market activity and downstream procurement in China, where the drawdown of SHFE stocks has also resumed. As with all base metals, speculators pulled back support for tin last week, although the net long position is still historically high in a market that remains fundamentally tight. Tom Langston - Senior Market Analyst