Refined-Tin Exports From Indonesia Gain to Highest in 10 Months
Refined-tin shipments from Indonesia, the world’s largest exporter, gained 12 percent in October to the highest level in 10 months as prices gained.
Exports rose to 11,048.4 metric tons from 9,874.5 tons in September, data from the Trade Ministry showed today. That’s the highest level since December, when shipments reached 15,102.8 tons. Sales were 5,441.6 tons in October of last year.
Higher shipments from Indonesia, which account for about 40 percent of global trade, may halt the rally in tin in London. Futures have risen 17 percent since July when the metal plunged to the lowest close since 2010.
Producers in Indonesia restricted sales in August after the price of the metal used to make solder and packaging dropped in July. The stoppage, which idled about 70 percent of smelting capacity in Bangka-Belitung province, the country’s main producing region, lasted for less than a month after prices rallied.
Tin for three month delivery fell 1.2 percent to $20,295 a ton on the London Metal Exchange at 5:54 p.m. Jakarta time.
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