Indonesian tin miner Timah halts exports due to weak tin prices Jul 02, 2014 05:00 GMT Source: Reuters Tags: INDONESIA TIN/TIMAH JAKARTA, July 1 (Reuters) - Indonesia's biggest tin miner PT Timah halted exports for up to two weeks due to falling global benchmark prices, the company's chief executive said on Tuesday. "I've told the marketing division not to sell tin for a week or two weeks," Timah's CEO Sukrisno told reporters. The company said tin prices needed to recover to at least $23,000 a tonne before shipments can resume again. From January to mid-February this year, tin was traded in a range of $21,500 to $22,930 per tonne on the London Metal Exchange and below the company's expectation, Timah said earlier this week. Indonesia's biggest tin miner PT Timah reported on Monday a 25 percent fall in first-quarter net profit. [ID:nL4N0PB2H4] Timah posted a net profit of 95.0 billion rupiah ($8 million) for the three months ended March versus 126.7 billion rupiah a year earlier.
(Reporting by Wilda Asmarini; Writing by Randy Fabi; editing by Jason Neely) (([email protected])(+62 21 2992 7601)(Reuters Messaging: [email protected]))
Btw, tin back over $24k in Aussie dollars.
KAS Price at posting:
8.0¢ Sentiment: Buy Disclosure: Not Held
