Tin premiums in the United States and Europe were subject to pressure in the two weeks to Wednesday July 1, with a wide backwardation in the metal's forward curve on the London Metal Exchange limiting business while a narrowing arbitrage window to import tin into China supported current levels.
Covid-19 resurgence hinders US marketRenewed spot interest fails to stop falling Rotterdam premiumStrong availability keeps sellers in control in ChinaUS premiums fall amid Covid-19 resurgence
Tin ingot premiums declined amid reduced spot trade stemming from an increase in Covid-19 cases in the US, with a widening backwardation during the assessment period also contributing.
Fastmarkets assessed the
tin 99.85% ingot premium, in-whs Baltimore at $400-500 per tonne on June 30, down by 2.7% from $400-525 per tonne on June 16.
Fastmarkets assessed the
tin grade A min 99.85% ingot premium, ddp Midwest US at $450-540 per tonne, down by 3.4% from $450-575 per tonne in the same comparison.
Big buyers, unusually, reported no spot purchases of tin during the period, and sizeable sellers indicated little to no sales.
"May was bad and June was even worse," one...