Tin prices rise on Myanmar supply worry
Tin prices rose on Thursday on renewed concerns about plans by a major tin producing region in Myanmar to suspend mining later this year.
A detailed plan to suspend all mining activities in a region controlled by Myanmar's ethnic Wa militia force from August 1 was released earlier this month, the International Tin Association (ITA) said in a statement on Wednesday.
"It sends a strong message to the mining sector about the (Wa) government's unwavering commitment to promote sustainable mining practices, protect the environment, and safeguard the welfare of mine workers," the ITA said.
The Wa militia, which announced the planned mining suspension last month, could not immediately be reached for comment.
Three-month tin on the London Metal Exchange was up 1.3% to $24 270 a tonne at 07:09 GMT, while the most-traded June tin contract on the Shanghai Futures Exchange advanced 2.2% to 199 050 yuan ($28 797.33) a tonne.
The suspension announcement last month sent tin prices sky-rocketing, with China's Yunnan Tin 000960.SZ, the world's top refined tin producer, saying the mining halt could lead to a further tightening of global tin supply.
"We are revising up our tin price forecasts for 2023 from $20,000 a tonne to $25 000 a tonne as a number of regulatory changes point to a looming supply crunch in the global tin market," said analysts at BMI in a note.
While Chinese demand remains tepid, the seaborne tin market will see a tighter market in the coming months which will support prices, BMI said.
LME aluminium rose 0.3% to $2 212.50 a tonne, zinc declined 1.5% to $2 277.50 a tonne, lead eased 0.3% to $2 042.50 a tonne, copper rose 0.4% to $7 934.50 a tonne and nickel increased 2.4% to $21 230 a tonne.
SHFE aluminium shed 0.4% to 17 650 yuan a tonne, zinc declined 2.1% to 19 050 yuan a tonne, lead eased 0.1% to 15 270 yuan a tonne, copper dropped 0.8% to 63 460 yuan a tonne, while nickel rose 3.1% to 169 080 yuan a tonne.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
