Tin futures in the UK traded above $46,000 per tonne in April, retaining most of their rebound from the more than two‑month low of $32,300 reached in late March and posting a 14% gain year-to-date. The rally has been underpinned by growing supply risks and persistent speculative positioning on the demand outlook.
In Indonesia, authorities seized 500 tonnes of tin and arrested suspects linked to illegal mining operations. The move reinforced Jakarta’s pledge to clamp down on unlicensed mining after President Subianto ordered the closure of 1,000 illegal mines in Sumatra, tightening supply prospects from one of the world’s key exporters.
Elsewhere, production at Myanmar’s Man Maw mine has remained sluggish since its closure for a resource audit in 2023. At the same time, tin’s growing use in data centers has encouraged Asian traders to build speculative futures positions tied to AI-related demand, following similar crowded trades in silver. However, trading halts by the SHFE have tempered the pace of the rally.
