FX.co ★ Tin Approaches 4-Month High

Tin futures experienced an increase, reaching $34,600 per tonne, which is close to the near four-month high of $35,000 observed on August 29th. This movement reflects one of the most significant gains among base metals this year, driven by ongoing concerns about limited supply. Although mining quotas have been gradually implemented in Myanmar following a lengthy suspension, production levels have not shown a noticeable increase. The prominent Man Maw mine remains inactive due to a resource audit since its closure. This situation is exacerbated by the region's rainy season and further intensified by infrastructure damage caused by a severe earthquake. Additionally, operational challenges in the DR Congo and a reduction in export permits issued by Indonesia contribute to the supply constraints. Meanwhile, recent macroeconomic indicators from China, the leading global consumer of tin, suggest continued weak demand for manufactured goods. Industrial production has decelerated beyond predictions, and PMI figures indicate a contraction in manufacturing activities.