Tin's London Metal Exchange three-month price closed 3% higher on Monday February 15 at $24,385 per tonne, while the rest of the base metals prices continued to capitalize on bullish momentum with new year-to-date highs for all metals except for zinc.
The tin price extended to $24,895 per tonne around midday, rising by some $1,000 in one hour. The short squeezing has resulted in the highest price for the metal's futures contract since February 2013. Tin's cash price rose by $5,000, coming to as much $30,501 per tonne on Monday, while its benchmark cash/three-month spread was in a $6,000 per tonne backwardation for some time, before settling at $5,240 per tonne backwardation at 5pm. "We've known the trajectory for tin for quite some time now, and semiconductor demand is not subsiding; as long as this is not...