The three-month tin price on the London Metal Exchange has rebounded by more than 14% during morning trading on Thursday September 5, prompted by the announcement of planned refined tin smelter production cuts by a group of 14 smelters in China.
Tin's outright price reached an intraday high of $17,740 per tonne this morning, its highest level since July 26 and up by more than 12% from the end of August, when the price sank to its lowest level since 2015 at $15,565 per tonne. The announcement of the planned cuts came after 14 smelters met at the International Tin Association's (ITA) Asia Tin Week conference in Xi'an, China, to seek a way to bolster the metal's weakening price. The companies agreed to curtail 20,200 tonnes of combined production, with the country's largest producer and exporter, Yunnan Tin Co (YTC) also pledging a 10% cutback in production, according to a joint statement. The ITA estimates YTC's production comprises around 22% of global refined tin production, with output for the first...