Last Updated : 16 November 2012 at 20:50 IST
Indonesian Tin exports rising, may not be sustainable: Commerzbank
Source :Commodity Online/Commerzbank
Indonesian tin exports have picked up this fall but Commerzbank questions whether this will be sustainable.
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JAKARTA (Commodity Online): Indonesian tin exports have picked up this fall but Commerzbank questions whether this will be sustainable.
The Second biggest German bank cited the data from the Indonesian Ministry of Trade showing exports rose sharply for the second straight month in October, and at around 11,000 metric tons, this was the most tin exported since December.
"Thus Indonesian tin producers have been taking advantage of the higher tin prices in the past two months--from its end-of-July low, tin had soared by 30% by early October--having previously shied away from exports due to the low prices," Commerzbank added.
“This could result in the supply gap on the world tin market being closed. It is questionable whether the reported higher tin exports are sustainable," the German bank noted.
"After all, two of Indonesia's largest tin producers had recently announced that their production this year would be well below the previous year's level. If supply were to be lower again in the coming months, inventory levels could also fall. All the same, tin stocks on the LME (London Metal Exchange) have remained relatively stable for nearly four months," Commerzbank concluded.
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