Tin Prices Broke A Record

Tin prices broke a record. The precious metal hit an all-time high.

Tin gained nearly 78 percent in 2021 and outperformed its much more traded copper and aluminum counterparts on the London Metal Exchange (LME). While the global economic recovery led to an increase in consumption, the market became under historical pressure as logistics problems affecting transportation and production negatively affected production at key suppliers in Asia. In both Shanghai and London, tin stocks have hit their lowest levels in several years. Cui Lin, Chinese representative of the International Tin Association, said, "This year's fairy tale of tin is a reflection of the supply-demand imbalance and macro policies that have persisted over the past few years. The price outlook is more dependent on whether demand can cope with such high prices, with the 'new normal' for tin prices coming." Tin decreased to $ 36 thousand 245 after rising by 2.9 percent to $ 36 thousand 500 per ton in the London market. Prices in Shanghai rose 3.8 percent, reaching their highest level since 2015 when it started trading at 287,960 yuan. Other metals, on the other hand, dominated a mixed course. Aluminum fell 0.9 percent to $2,922 today, after hitting $3,000 last week, its highest level since 2008. Steel futures tumbled in the Chinese market as iron ore continued to rise above $100 in Singapore, up 3.3 percent to $113.30.