Tin futures traded around $39,300 a tonne at the beginning of December, not far from a record high of $39,960 touched on November 24th, amid low inventories and supply disruptions, while higher demand helped to push the prices. The inventories in the LME-warehouses dropped to 1,365 tonnes, the lowest since 1989 while the ShFE stocks are near a five-year low. Also, measures to curb Covid's spread in Myanmar have caused shipment disruptions, restricting refined tin output in China. Meantime, the third-biggest refined tin producer, Malaysia Smelting Group, declared force majeure on deliveries in June, while Chinese tin smelters reduced the output after curbs on power consumption. In addition, the ITA estimates a 7.2% rise in tin consumption in 2021, after a 1.6% decrease in 2020, boosted by the rapid transition to home working, which helped to sustain the tin prices.
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