Tin's forward price rose by 1.5% in the week ended Friday January 29, while the rest of the base-metals complex on the London Metal Exchange, nickel and zinc in particular, showed lower prices than on Monday.
This was blamed on several macro-economic factors turning sentiment downward for metals.
"With the exception of tin, across the board the base metal suite has come under pressure this week," StoneX senior metals analyst Natalie Scott Gray said on Friday.
"The headwinds [have come] in the form of a stronger US dollar, and concerns over credit tightening in China and its potential effect on Chinese demand ahead of the Lunar New Year holiday [on February 11-17]," she added. The People's Bank of China has withdrawn 150 billion yuan ($23 billion) from the country's trading market.
Furthermore, the effects of Covid-19 continued to hamper global economies, while hopes for a smooth mass roll-out of vaccines have been...