Tin prices on the London Metal Exchange traded at their lowest figure since January, closing 1.3% lower on Friday May 25, while nickel and lead prices consolidate gains to end the week higher.
Falling below $20,000 per tonne for the first time since January, tin's three-month price continues to drift lower, recording a weekly price fall just short of 4%. The metal's cash/three-month spread has narrowed from a backwardation of $120 per tonne earlier this month, to its current reading of $35b per tonne."Rising stocks continue to overhang; prices face downside risks across the short-to-medium term as a result," James Moore, analyst at Metal Bulletin said. "However the drop in mine production, coupled with strong downstream demand suggest these will be required before too long as supply growth fails to keep pace, leading the...