By Andy Dwelling
By Andy Dwelling
LONDON, Nov 8 (Reuters) – Tin is the underperformer of an underperforming base metals pack on the London Steel Trade (LME).
At a present $16,640 per tonne, LME three-month tin CMSN3 is down greater than 14% on the beginning of the yr.
LME stock has rebuilt quickly from simply 740 tonnes in early Might to a present 6,550 tonnes.
The squeeze that sucked all that steel into the LME system has now abated. LME tin time-spreads moved into contango on the finish of September and have stayed there since. That in itself marks a big turnaround for a contract susceptible to embedded tightness in recent times.
Market construction and sentiment in London point out a subdued, if not outright bearish, outlook.
Not so the Shanghai tin market, which has been noticeably outperforming London because the center of September. Probably the most energetic contract SSNcv1 is now down simply 7% on the beginning of…