The London Metal Exchange three-month tin price reached a new 2021 high and was the sole metal to make gains in morning trading on Tuesday February 2, while the rest of the base metals were constrained by a bullish US dollar index following "productive" Covid-19 stimulus plan discussions in the United States.
Tin's forward price reached $23,330 per tonne shortly after 9am, a new year-to-date high for the metal which has been trending upward since the start of January. The over-$200 price jump, nearly a 1% gain, came as the volume of metal on the LME decreased once again to just 790 tonnes after an outflow of 30 tonnes from warehouses in Port Klang, Malaysia and Rotterdam. "The cash-to-three month spread tightened to the most in 25 years at a $1,055 per tonne backwardation after a...