Tin surges to US$15,950!!!

LME tin surged in thin volumes as pre-set buying targets were hit, forcing investors with bearish positions to close them, a trader said.

Three-month tin hit a peak of $15,950 a tonne, the highest since October, before trimming gains to $15,600, a rise of 3 per cent. Volumes were only 335 lots.

LME tin inventories have slid by a quarter so far this year to 4,515 tonnes as concern rises over potential shortages.

Chinese producers said last month they planned to cut output by 17,000 tonnes and also asked the government to stockpile the metal.

Tick-Toc, beep!!!