Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Tin Traders Probably Added to Bets That Prices Will Increase

Don't Miss Out —
Follow us on:

Feb. 3 (Bloomberg) -- Tin traders probably added to wagers that the metal will gain as the number of outstanding contracts climbed to a three-month high at the same time as prices rose.

Open interest in London Metal Exchange tin futures climbed by 2,138 lots, or 8.9 percent, to 26,200 contracts in the week ended Feb. 1, the highest level since Oct. 13, according to LME figures. Each lot represents 5 metric tons of the metal used in packaging or to join metals together. The benchmark contract for three-month delivery advanced 7.6 percent in the period.

An increase in open interest as prices rise suggests new long positions, or bets on higher prices, according to Macquarie Group Ltd. Open interest in LME tin climbed 15 percent last month, the biggest increase since July 2009.

Following are changes to market open interest for both LME members and their clients for the six biggest industrial-metals futures traded on the exchange. The figures were compiled by the LME.

                 Change in           Price Change
               Open Interest             (%)

Aluminum           -12,088               0.6
Copper               7,188               0.7
Zinc                 9,996              -2
Lead                11,236              -2.1
Nickel               4,262               0.2
Tin                  2,138               7.6

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.