June 2009 | Base Metals
Backwardation finally disappears: Tin - Market Analysis
Tin is starting to look vulnerable and could fall again in the coming weeks.
We have been following the cash to three-month backwardation in tin narrow steadily as LME stocks have climbed, and last week saw a contango finally reappear. Tin has been the only base metal in a significant and persistent backwardation this year, averaging $166/tonne. However, the average backwardation closed to $32/tonne last week, after having been in contango on both Wednesday and Thursday. LME stocks up 7% to six-year...
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