Last Updated : 09 December 2011 at 01:00 IST
‘Tin to shoot up from $20470 to $23,000 per ton in 2012’
Tin prices to bounce back from $20470 (Wednesday’s LME closing price) to around $23,000 per metric ton in the next year, said Commerzbank in a research note.
- Gold, Silver may trade weak; Crude Oil to remain stable
- Exchange-traded products in gold -- investment vehicles that give investors exposure to bullion through issuing securities backed by the physical metal -- have seen huge outflows this year.
- read more
Continued year-over-year declines in U.S. beef production are expected to push beef exports lower..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
LONDON (Commodity Online): Tin prices to bounce back from $20470 (Wednesday’s LME closing price) to around $23,000 per metric ton in the next year, said Commerzbank in a research note.
According to Commerzbank, following a sharp price decline since the end of July, Indonesian tin producers imposed an export ban on themselves in a bid to prop up the price. Tin fell from a high of $29,000 in July to a low of $17,000 in September and was at $20,505 just before 8 a.m. EST Thursday.
Exporters had planned to only to begin exporting tin again when the price reached $25,000 a ton.
“A glance at the price reveals that this plan has achieved little success so far, as tin is currently hovering just above the $20,000 a ton mark. “What is more, the export ban is being ‘undermined’ by a number of companies after the Indonesia Tin Association gave them permission to fulfill their contractual commitments. Nonetheless, reductions in tin inventories on the LME are continuing,” Commerzbank added.
“Stocks have been cut to 11,900 tons, their lowest level since April 2009. We are confident that the tin price will recover during the course of next year to $23,000 a ton, though the price of $25,000 a ton demanded by Indonesian tin producers is very unlikely to be achieved,” bank concluded.
- Silver COT report: The day the numbers lied
- UNICA data may induce further price pressure on Sugar: Deutsche Bank
- China Gold demand vs India Gold demand: Which is more consistent?
- Platinum prices to average $1687/oz in 2013: Barclays
- US Natural Gas industrial demand to grow 400 Mmcf/d in 2013: Barclays
- LME Copper prices may average $7,673/ton in 2013: Barclays