Tin's three-month price on the London Metal Exchange climbed by more than 3% at the close of trading on Wednesday July 3, settling above the nearby $18,000-per-tonne resistance level after sliding by more than 6% at Tuesday's close.
More than 600 lots of tin were traded by the close, around half of Tuesday's total volumes traded but higher than the June average of around 300 lots. Recovering Tuesday's losses, tin's futures price found support over the day, closing at $18,310 per tonne, while physical market participant's maintain that the commodity's three-month price holds key production value above the $18,000-per-tonne level. "Some key Asian tin producers - [around 75% of global tin production takes place in Southeast Asia] - are operating in a high [production] cost environment," a Europe-based tin trader...