Tin tracking towards US$20k ($27k AUD)

Tin, tin, tin, tin.... Everybody loves tin!

http://www.cnbc.com/2016/03/07/reut...strong-dollar-weighs-tin-hits-fresh-peak.html
METALS-Copper dips as strong dollar weighs; tin hits fresh peak
Eric Onstad
41 Mins AgoReuters

COMMENTSStart the Discussion
* Investors switch to net-long positions in copper

* Tin may extend rally to $20,000 - technical analyst

(Adds details, quotes; changes dateline from MELBOURNE)

LONDON, March 7 (Reuters) - Copper and zinc pulled back on Monday from the highest levels in more than four months, dampened by a firmer dollar and as investors locked in gains from a rally.

Analysts said, however, that the market would likely resume its strong run after Chinese authorities gave assurances at the weekend that the top metals-consuming country would not experience a hard landing.

"People are fixing the profit on their long positions and then after today's smallish pullback, I think people will be positioning themselves for a rebound this week," said Sergey Raevskiy, analyst at investment bank SP Angel.

"The pro-stimulus comments at the national party congress over the weekend are bullish for commodities prices."

Three-month copper on the London Metal Exchange slipped 0.7 percent to $4,990 a tonne by 1123 GMT after surging 3.5 percent to a four-month peak on Friday.

Speculators have switched to a net-long position in copper futures, the latest U.S. data showed, while fresh longs have also appeared on the LME with rising prices and open interest at its highest since June.

Weighing on the metals markets was a firmer dollar, making commodities priced in the U.S. currency more expensive for buyers outside the United States.

Zinc logged the biggest decline, falling 1.4 percent to $1,831 a tonne after LME inventories rose by 5,200 tonnes to 470,700 tonnes, highlighting an overhang of stocks on the market.

Galvanizing metal zinc is the second-best performer on the LME this year as bullish investors expect shortages after the closure of major mines, but some are wary about high inventories.

Tin climbed 0.9 percent to $17,150 a tonne, touching a fresh 11-month high as investors worried about lower exports from major producer Indonesia and reduced inventories.

"It looks the best of the complex to me ... I believe prices could trend towards $20,000 in the weeks ahead," independent technical analyst Cliff Green told the Reuters Global Base Metals Forum.