Looking loose on the LME, but tighter on the SHFE On the LME, exchange inventories are at 6,460 tonnes, little changed on the quarter but up roughly 4,470 tonnes or 200% since the start of the year. They are close to their highest since June 2016. This points to weaker demand conditions. In addition, the cash/three month spread is in an unusual contango. The backwardation in the three month/15-month spread has eased...
There is a striking dichotomy in the global tin market, with refined market conditions looking looser on the LME but tighter on the SHFE.
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