FX.co ★ Tin Rises to 6-Month High

Tin futures have climbed to $35,500 per tonne at the onset of the quarter, marking the highest level in nearly six months due to escalating supply concerns. Although mining quotas are being gradually reintroduced after an extended suspension by Myanmar, the leading producer, recent figures haven't shown an increase in output. The significant Man Maw mine has remained closed since its shutdown for a resource audit, diminishing hopes that authorities are keen on resuming operations. This situation is exacerbated by the region's rainy season-induced bottlenecks, further intensified by infrastructure damage from the recent aggressive earthquake in the country. Additionally, pressure is building on alternative sources as Indonesian President Subianto has mandated the closure of 1,000 illegal tin mines in Sumatra, reducing output from the world's second-largest supplier. On the demand side, there's a noticeable increase in broad coating consumption, as demonstrated by the broader RatingDog PMI in China, which indicates a significant expansion in activity within the world’s largest manufacturing sector.