Tin Surges to Approach Record High

Tin futures in the UK surged to $55,700 per tonne, the highest since the record high of $58,900 touched February on persistent risks to supply and speculative bets on demand. Major producer Indonesia doubled down on threats against the illegal mining of tin and seixed 500 tonnes of metal connected to sources without licences. The move consolidated the pledge from Jakarta that it would crack down on mining activity that lack licensing after President Subianto ordered the closure of 1,000 illegal mines in Sumatra, tightening the outlook on supply from the key exporter. Elsewhere, operations in Myanmar's Man Maw mine remained slow since being closed for a resource audit in 2023. Meanwhile, tin's utility in datacenters drove Asian traders to pile on futures contracts for speculative positions on AI technology following the crowded developments in silver, although trading halts by the SHFE limited the rally.

Tin futures in the UK were around $49,500 per tonne in May, holding the rebound from the previous month to trade over 20% higher year-to-date on persistent risks to supply and speculative bets on demand. Major producer Indonesia doubled down on threats against the illegal mining of tin and seixed 500 tonnes of metal connected to sources without licences. The move consolidated the pledge from Jakarta that it would crack down on mining activity that lack licensing after President Subianto ordered the closure of 1,000 illegal mines in Sumatra, tightening the outlook on supply from the key exporter. Elsewhere, operations in Myanmar's Man Maw mine remained slow since being closed for a resource audit in 2023. Meanwhile, tin's utility in datacenters drove Asian traders to pile on futures contracts for speculative positions on AI technology following the crowded developments in silver, although trading halts by the SHFE limited the rally.

Tin futures in the UK were above $50,000 per tonne in late April, near the highest in one month, and gaining nearly 20% year-to-date amid risks to supply and lingering speculative bets on demand. The Indonesian government seized 500 tonnes of tin and arrested suspects of illegal mining operations. The move doubled down on Jakarta's threat that it would crack down on mining activity that lack licensing after President Subianto ordered the closure of 1,000 illegal mines in Sumatra, tightening the outlook on supply from the key exporter. Elsewhere, operations in Myanmar's Man Maw mine remained slow since being closed for a resource audit in 2023. Meanwhile, tin's utility in datacenters drove Asian traders to pile on futures contracts for speculative positions on AI technology following the crowded developments in silver, although trading halts by the SHFE limited the rally.