Tin Extends LME’s Biggest Rally as Congo Halt Deepens Shortage
finance.yahoo.com
Bloomberg News
Fri, March 14, 2025 at 5:38 AM PDT 1 min read
AFMJF
+6.67%
(Bloomberg) -- Tin prices extended gains to hit the highest in more than two years, as a halt to production at a major mine in Africa that’s threatened by insurgents continues to fan this year’s biggest rally on the London Metal Exchange.
The metal used to coat containers and solder circuits rose as much as 3.3% on the LME, after a 7.4% surge on Thursday, following the suspension of Alphamin Resources Corp.’s Bisie mine in the Democratic Republic of the Congo. In Shanghai, tin futures climbed by their daily 10% limit.
“It’s hard to evaluate how long the suspension will last, but it’s definitely going to worsen the existing global tin ore shortage,” First Futures Co. said in a note. Political turmoil in the African nation is compounding the impact of a halt to mining in Myanmar’s Wa State, helping to lift LME prices by about 25% so far this year.
The Bisie site in the Congo produced 17,300 tons of tin ore in 2024, or about 6% of global supply, according to the Chinese brokerage. Alphamin said it’s evacuating the mine due to the advance of insurgent militant groups.
LME tin climbed to as much as $37,100 a ton, its highest since June 2022, before paring gains to $36,280 a ton as of 12:25 p.m. local time. Yunnan Tin Co., China’s largest producer of the metal, surged by its a daily limit of 10% in Shenzhen. |
