From the International Tin AssociationLME tin prices have surged...

From the International Tin Association

LME tin prices have surged over the past two weeks, now up 17% in April and 29% year-to-date as prices surpass $34,000, a point not reached since June 2022. In addition to being buoyed by supply disruption, significant speculative interest is also providing price support. Now possibly overextended, the net speculative position has reached 3000 contracts net long, the highest level seen in years, with two market participants holding a minimum 60% of total LME warrants. LME tin prices have slipped into backwardation as cash price closed $465 higher than three-month future price on Wednesday, reflecting the tightness in the market, particularly in Europe which is facing long shipping delays. Furthermore, a recent re-iteration of the Wa mining ban in Myanmar and the continuing conflict in the North Kivu region of the Democratic Republic of Congo further add to supply concerns.