Tin prices on the London Metal Exchange continued to struggle during morning trading on Friday June 29, hindered by weak demand and a large delivery pushing total stocks up by more than 10%.
Total LME tin inventories are now above 3,000 tonnes for the first time since April 2017, while its three-month price continues to trade below $20,000 per tonne, shedding more than 5% over June. "Tin has been caught up in the downward pull of metals over the past three weeks. Two days ago it dipped below the $20,000 per tonne mark again," Commerzbank Research noted in a morning report. "For the second time since exchange trading of tin began on the LME in 1997, the number of cancelled warrants is currently zero, which points to weak demand for tin," it added. Ongoing trade uncertainties and a broadly strong...