Tin Climbs After Indonesian Exports Slump Amid New Purity RulesJoe Richter
Tin rose in London for the second time in three sessions after exports from Indonesia, the world’s largest supplier, slumped the most in 18 months.
Shipments last month fell 42 percent to 6,465.95 metric tons from 11,111.38 tons in June, the biggest drop since January 2012, Trade Ministry data showed yesterday. Tin prices are up 7.8 percent this month amid concern that supplies will tighten as Indonesia’s new purity standards come into force, raising the minimum tin-content limit.
“The decline in exports is doubtless due to the introduction of new quality standards,” Commerzbank AG analysts including Frankfurt-based Daniel Briesemann said in a report. “The tin price is largely defending the gains it has made in recent weeks.”
Tin for delivery in three months climbed 0.6 percent to settle at $21,995 a metric ton at 5:50 p.m. local time on the London Metal Exchange.
Copper increased 0.2 percent to $7,320 a ton ($3.32 a pound) on the LME. Zinc rose less than 0.1 percent, while aluminum, lead and nickel fell.
On the Comex in New York, copper futures for delivery in December climbed 0.2 percent to $3.342 a pound.