Quiet start to 2018... Renewed tightness: Visible stocks on the LME and SHFE dropped 2,750 tonnes or 28%...
Tin was fairly quiet on the LME during the first trading week of 2018 as industrial metals experienced some profit-taking after investors overextended their long positioning in final week of 2017. The global macroeconomic backdrop remains robust, however, and we believe the stronger tone to metal prices will continue.
...but tin has some catching up to do
For tin specifically, after a poor price performance in 2017 (LME tin: -4.7% versus LMEX: +28.5%), we think prices will play catch-up in 2018, especially in the shorter term, for a number of reasons:
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