Tin's forwards spreads on the London Metal Exchange narrowed significantly over the week ended Friday May 31, easing from their widest backwardation since 2015.
This came after a flurry of inflows led to an uptick of more than 80% in LME stocks over May, quelling some concerns about market instability.The metal's cash/three-month spread narrowed from $320 per tonne earlier this week, to trade at $125 per tonne on Friday afternoon. That said, tin's tomorrow/next spread, which translates to the cost of borrowing tin overnight, remained in a sizeable backwardation, recently seen at $14 per tonne after trading as wide as $45 per tonne last week.Correspondingly, more than 2,500 tonnes of tin has been delivered into LME-registered warehouses in Baltimore, Kaohsiung, Port Klang, Singapore, Rotterdam and Trieste this month, with metal brokers reporting that varied brands were now...