Sept 24 (Reuters) – Tin prices jumped to record highs on Friday as data showed low inventory levels in exchange warehouses, although looming U.S. rate hikes and concerns over debt-ridden China Evergrande capped gains.
The most-traded October tin contract on the Shanghai Futures Exchange SSNcv1 jumped as much as 4.8% to a record 287,960 yuan ($44,569.64) a tonne. The contract has leapt 89% so far this year to be the best performing base metal on ShFE.
Three-month tin on the London Metal Exchange CMSN3 also hit a record high of $36,500 a tonne, having gained 78% so far in 2021.
Tin inventories in LME warehouses MSNSTX-TOTAL fell to 1,180 tonnes on Sept. 22, the latest exchange data showed, down 79% from the same time last year. ShFE tin stockpiles SN-STX-SGH were last at 1,702 tonnes, hovering near an April 2016 low of 1,197 tonnes hit on Aug. 27.
Further gains were limited as markets watched out for signs of default from property developer China Evergrande 3333.HK, while the U.S. Federal Reserve hinted at a sooner-than-expected rate rise.
FUNDAMENTALS
* LME copper CMCU3 rose 0.3% to $9,303 a tonne, aluminium CMAL3 fell 0.7% to $2,928.50 a tonne, nickel CMNI3 decreased 0.6% to $19,235 a tonne and lead CMPB3 advanced 0.9% to $2,138.50 a tonne.
* ShFE aluminium SAFcv1 fell 1% to 23,130 yuan a tonne, copper SCFcv1 rose 0.5% to 69,140 yuan a tonne, zinc SZNcv1 advanced 1.4% to 22,965 yuan a tonne and lead SPBcv1 was up 0.8% at 14,330 yuan a tonne.
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TOP/MTL or MET/L MARKETS NEWS
* Asian shares were on edge, hurt by persistent uncertainty around the fate of China Evergrande, even as more risk appetite drove gains for Wall Street and U.S. benchmark Treasury yields. MKTS/GLOB DATA/EVENTS (GMT)
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($1 = 6.4609 yuan)
(Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)
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