METALS-Tin hits 22-month peak, page-98

https://www.fastmarkets.com/base-me...tronger-demand-offsets-supply-response-91199/


Supply/demand balance:
The deficit in the global refined market was 20,500 tonnes in January-August. This confirms that the fundamental outlook in the global refined tin market continues to improve.
Conclusion

We maintain our constructive stance on tin over the very short term (around one month) because we think that any short-term price weakness will attract buying on the dips. Still, we would be forced to turn neutral in case of a firm break below the 50 DMA, which has proved to be reliable support in recent months.
We remain positive over the short and medium terms – although a supply-side response is likely, stronger global macro dynamics, especially in China, may translate into firmer demand for tin. As well, visible inventories remain so low that any renewed tightening in the supply/demand balance would provoke a strong price reaction, we think.
We think the balance of risks to our forecast made at the end of the third quarter for a year-end target at $21,000 per tonne is tilted to the upside in this environment.