Tin highlights

摘要

In last month's report, we expressed concerns that the rebound in tin prices from November's 23-month low of 6,005 dollars/tonne might not have staying power. This was based on the fact that the supportive month-long Minsur strike had ended and that LME stocks had begun rising rapidly. In fact, the rebound in prices actually gathered speed through January and early February, with the pace of tin's ascent matching that of some of the major metals. At the time of writing last month's report, tin was struggling to overcome resistance at 7,000 dollars/tonne; now it is challenging 8,000 dollars/tonne. On an official three-month basis, it got as high as 7,930 dollars/tonne on February 1 - a level it has not been at since May last year. Although prices have dipped during subsequent trading this month, they still remain within striking distance of 8,000 dollars/tonne and another assault on this level looks highly likely.