GLOBAL TIN WRAP: Premiums steady around the globe

Spot demand for tin diminished further in the week to Tuesday December 3, with the focus now on annual contracts and backwardation returning to the London Metal Exchange price for the metal.

The 99.9% European tin premium holds at its recent lower levelThanksgiving holiday cuts into trade in the United StatesAsian premiums not buoyed by earlier production cuts.European premiums flat on ubdued demand
In Europe, Fastmarkets' tin 99.9% ingot premium, in-whs Rotterdam, held steady at $360-420 per tonne on December 3, maintaining the lower range established on November 19, down from $380-430 per tonne since June 25.
Physical demand remained static, primarily because the bulk of the year's spot business has now been completed, sources said, although European tin demand was already weak.
Spot business was further damped over the past fortnight by tin's forward spreads flipping from contango to backwardation.

The metal's benchmark cash/three-month spread was recently seen in a $33 per tonne backwardation, swinging from a $50-per-tonne contango on November...

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