JAKARTA (Scrap Monster): The Tin orders on the London Metal Exchange (LME) are all set to report its highest weekly jump since 2011. The orders surged to 5,160 metric tons this week, almost double when compared with the prior week. The earlier high for Tin orders was reported during the week ended August 12 in 2011.
Since August last year, when Indonesia made it mandatory that ingots needs to be traded on local exchange before exports from the country, tin shipments from Indonesia has dropped significantly. The Indonesian tin ingot shipments during August last year to March this year has declined by nearly 38% over the year. In addition, the authorities have stepped up sea monitoring to capture any illegal shipments out of the country.
As due to reduced Indonesian exports and non-ingot cargo seizure by the Indonesian navy, traders are forced to buy tin from LME stockpiles for higher premium.
Tin for delivery in three months rose 0.3 percent to $23,725 a metric ton on the LME on Wednesday. Tin for immediate delivery settled at a $105-a-ton premium to the three-month contract, the highest level since September. The LME Tin inventories available for delivery have dropped 35% so far this year to touch 4,225 tons.
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