Base Metals: Tin Has Upside Potential

Reuters reported Standard Bank analyst Leon Westgate said tin prices have upside potential after announcements earlier this month of cutbacks in Indonesia.

As quoted in the market news:

A further 415 tonnes of cancellations in LME tin stocks on Monday brought total cancelled stock to 5,155 tonnes, 44 percent of total inventories. Cash to three months moved into backwardation last week and was at a $5 backwardation on Monday compared with a $16 contango on Aug. 6.

Three month tin finished down 1 percent at $17,700 a tonne.

Click here to read the full Reuters report.