Tin's three-month price on the London Metal Exchange was down by around 3% during morning trading on Tuesday July 2, with market participants pondering the metal's sudden decline against sizeable volumes traded.
The flurry of selling activity in tin took place mostly overnight, with the metal reaching an intra-morning high of $18,980 per tonne at around 1:10am London time, before declining to current level of around $18,370 per tonne. More than 300 lots of tin have already been exchanged as of 9:00am London time, the most since the close of trading on June 26. "I don't see why the [tin price] would tank like this," a European-based tin source told Fastmarkets. "Smelters are short [of tin concentrates], that is...