LIVE FUTURES 19/08: LME tin plunges on highest volumes in 13 months; nickel down 2.6%

August 20, 2021 / www.metalbulletin.com / Article Link

Tin was the most affected metal on Thursday's sell-off on the London Metal Exchange, while all metals fell further with risk-off sentiment spreading across commodities and exchanges while Covid-19 continues to dent demand expectations.

Tin's three-month price fell 6.4% at the 5pm close to $33,118 per tonne, despite falling by as much as 11% during early trading to $31,500 per tonne on Thursday form Wednesday, when it was at $35,383 per tonne. 
"Trading volumes exploded higher, and open interest plunged: this suggests to me that traders holding long positions rushed to the exit," Fastmarkets analyst Boris Mikanikrezai said of tin's decline on Thursday. 

Over 1,000 lots of tin were traded by 5pm, the highest amount since July 2019, while open interest fell by 1.8%...

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