Global stocks of refined tin are estimated to be at an eight-year high on the back of a poor half for tin demand. As reported in the last Tin Monitor, the cash-to-3M spread has been pulled in from a high of $370/tonne to become relatively balanced. However, stocks have remained high for the last 4 months, with nearly 7,000 tonnes on the exchange as of 7 October. Conversely, stocks on the SHFE have fallen from an intra-year high of 8,660 tonnes in March to just 3,910 tonnes as of 27 September. On top of these exchange stocks, visible tin stockpiles held by consumer and producers amount to another 23,600 tonnes of refined tin to the known total.
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