Global tin premiums were unchanged in all regions we follow in the week ended Tuesday May 21, with a large backwardation in the London Metal Exchange forward spreads limiting spot business in Asian, European and North American markets.
European traders wary of tighter nearby spreads US participants report weak market Closed import arbitrage window caps Asian tin business European premiums hold despite backwardation pressure Fastmarkets assessed the premium for 99.9% standard-grade tin ingot, with 300ppm lead content on an in-warehouse Rotterdam basis, at $410-450 per tonne on Tuesday May 21, unchanged since April 2. Amid continued reports of subdued buying appetite for 99.9% tin ingots this week, participants suggested further tightening of the metal's cash/three-month spread - which recently traded in a $260 per tonne backwardation on May 22 - could result in softening premiums in the near term. Spot business remains weak in Europe, with little business concluded this week amid tighter tomorrow/next LME tin spreads, which traded at a backwardation of $45 per tonne on May 17, its widest level since April 3 and tightening from a $5 per tonne backwardation on May 16. "The...