Thursday, December 2

Shanghai tin hits 2-week high as China shuts port with Myanmar


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Shanghai tin prices jumped on Thursday to their highest in more than two weeks as traders fretted over potential supply issues after China closed a land port with major ore producer Myanmar following the latest coronavirus resurgence.

China, the world’s biggest producer of refined tin, relied on neighboring Myanmar for 94% of its tin concentrate imports in 2019. That slipped to 91.7% in 2020 and was below 82% in January-September due to repeated pandemic-related disruption.

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The most-traded December tin contract on the Shanghai Futures Exchange jumped as much as 3.7% to 284,520 yuan ($44,514.68) a tonne.

Three-month tin on the London Metal Exchange was up 0.6% at $37,500 a tonne, as of 0238 GMT.

Tin inventories in both LME and ShFE warehouses have been hovering near multi-year lows levels.

LME cash tin has been in premium over the three-month contract for all of this year, indicating tight nearby supplies.

FUNDAMENTALS

* LME aluminum rose 0.8% to $2,599 a tonne, ShFE aluminum advanced 1.9% to 19,120 yuan a tonne, nickel increased 1.4% to 145,210 yuan a tonne, while lead fell 1% to 15,405 yuan a tonne.

* PT Vale Indonesia said on Wednesday its nickel matte production is expected to fall as much as 13% next year compared to normal levels, as furnace rebuilding delays brought about by the COVID-19 pandemic continue to impact output.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Inflation fears pressured Asian stocks and buoyed the dollar after data overnight showed US consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.

DATA/EVENTS (GMT)

0700 UK GDP Prelim Q/Q Q3

0700 UK GDP Prelim YY Q3

($1 = 6.3916 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)



financialpost.com

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