June 2009 | Base Metals
New price highs despite weaker fundamental indicators: Tin - Market Analysis
Tin prices have risen again, but lack a tighter fundamental backdrop, so we remain wary.
Weekly average LME three-month tin prices rose 5% last week in line with the rest of the complex, with daily official prices hitting $15,775/tonne on Wednesday, the highest level since early October. Open interest at new highsOpen interest continues to increase, and yesterday stood at 31,489 lots, which is the highest level since at least mid-1999. Given that the rise to these levels has accompanied the recent sharp rally in prices, the rush of new long positions into the tin market appears to have...
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