NEWS ALERT - Tin jumps 4.9 pct on LME, sets fresh 27-year peak
BaseMetals.com
Tin prices rose sharply during early afternoon LME trading on Tuesday,
gaining $800 a tonne, or nearly five percent, to trade at a new 27-year high
of $16,950.
Traders said recent resilience in the market, which has held up despite
significant losses in other metals, prompted short-covering.
"It hasn't broken lower in recent days like copper has, it held above
$15,800 and the shorts are now running for cover," a floor trader said.
Earlier, LME warehouse inventories declined by 100 tonnes -- the second
successive daily decline from 14-1/2 month highs.
Analysts said, however, the market may be set to decline going forward.
Broker Standard Bank said it is expected to ease to an average $13,750 in
the fourth quarter from $15,950 expected in August.
"(The tin price) risks losing its footing, and our price forecasts reflect
our view that weaker fundamentals will soon reassert themselves," the broker
said in its latest monthly report.
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