Tin May Surge to $28,000, Indonesian Official Says
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Tin may rally to a record $28,000 a metric ton because the rainfall that disrupted output this year in Indonesia, the world’s largest exporter, will extend into 2011, according to a government official.
The advance will boost earnings for producers and increase royalty payments to the government, said Witoro Soelarno, secretary to the director-general of minerals, coal and geothermal at the energy ministry. PT Timah, based in Pangkalpinang, is Indonesia’s biggest producer. The metal traded at a record $26,790 on the London Metal Exchange today.