Nov 11 (Reuters) – Shanghai tin prices jumped on Thursday to their highest in more than two weeks as traders fretted over potential supply issues after China closed a land port with major ore producer Myanmar following the latest coronavirus resurgence.
China, the world’s biggest producer of refined tin, relied on neighbouring Myanmar for 94% of its tin concentrate imports in 2019. That slipped to 91.7% in 2020 and was below 82% in January-September due to repeated pandemic-related disruption.
The most-traded December tin contract on the Shanghai Futures Exchange SSNcv1 jumped as much as 3.7% to 284,520 yuan ($44,514.68) a tonne.
Three-month tin on the London Metal Exchange CMSN3 was up 0.6% at $37,500 a tonne, as of 0238 GMT.
Tin inventories in both LME MSNSTX-TOTAL and ShFE SN-STX-SGH warehouses have been hovering near multi-year lows levels.
LME cash tin has been in premium over the three-month contract MSN0-3 for all of this year, indicating tight nearby supplies.
FUNDAMENTALS
* LME aluminum CMAL3 rose 0.8% to $2,599 a tonne, ShFE aluminium SAFcv1 advanced 1.9% to 19,120 yuan a tonne, nickel SNIcv1 increased 1.4% to 145,210 yuan a tonne, while lead SPBcv1 fell 1% to 15,405 yuan a tonne.
* PT Vale Indonesia INCO.JK said on Wednesday its nickel matte production is expected to fall as much as 13% next year compared to normal levels, as furnace rebuilding delays brought about by the COVID-19 pandemic continue to impact output.
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TOP/MTL or MET/L MARKETS NEWS
* Inflation fears pressured Asian stocks and buoyed the dollar after data overnight showed U.S. consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening. MKTS/GLOB DATA/EVENTS (GMT)
0700 UK GDP Prelim Q/Q Q3
0700 UK GDP Prelim YY Q3
($1 = 6.3916 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)
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