Lockdowns pressure short-term tin supply

摘要

While much of the coronavirus coverage across the base metals complex has been focused on declining demand, the tin market has been briefly distracted. A combination of smelter closures and falling mine production across the globe has tightened near-term metal supply, pushing the market into a significant backwardation for the first time this year. We forecast tight supply for the next month, which will relax as smelters resume production and demand remains low.