Traders react to large fall in LME tin stocks

摘要

The shock withdrawal of around 3,000 tonnes of tin from warehouses in Singapore last week has grabbed the attention of European traders. Total tin stocks fell from 23,015 tonnes on February 10, to 19,910 tonnes on February 18, as three large consignments left warehouses in Singapore. This drawdown started will 1,550 tonnes on February 11, followed by 965 tonnes n February 12 and 450 tonnes on February 14. Withdrawals returned to normal levels on February 17 and 18 at 25 tonnes and 40 tonnes respectively. "I simply do not believe any of this material is going to be shipped to Europe as the total tonnage is too great. It is probably the action of one party trying to squeeze the market," said one trader.