Monthly Metal Review

Tin (May 2019)

Tin prices attempted to form a base in May above the $19,150 per tonne level, but that failed later in the month with prices breaking down below $19,000 per tonne, to reach levels last seen in early-December. This price weakness is being seen despite the market being in a supply deficit and remaining in a backwardation, with the cash-to-three month spread at a backwardation of $249-245 per tonne. The World Bureau of Metal Statistics (WBMS) pointed to an 8,300 tonne supply deficit in the first two months of the year. The supply tightness may be in the process of easing. Exports from Indonesia are expected to pick-up again now that formerly banned PT Surveyor Indonesia are allowed to verify and issue export licences for the tin going into bonded warehouses. So far in May, data from Indonesia Commodities & De-rivatives Exchange (ICDX) shows trade volumes are running at a similar pace to the 5,660 tonnes traded in April, but the late-May price weakness may be forewarning the market that supply is picking-up. Indeed, LME stocks have been climbing at a fast pace, albeit from extremely low levels, rising to 2,565 tonnes on May 28, from 740 tonnes in early-May. In addition, there are 8,264 tonnes in SHFE regulated warehouses, up from 7,296 tonnes at the start of May. The speedy resolution to the labour strike at Minsur’s San Rafael tin mine in Peru, that produces 18,400 tonnes of tin in concentrates in 2018, has removed a potential supply disruption. While supply seems to be picking up, global semiconduc-tor sales, a good proxy for tin solder demand, reached $32.3 billion in March, down from $32.9 billion in February, with sales in the first quarter of the year, down 15.5 percent from the fourth quarter and down 13 percent from the first quarter 2018, accord-ing to the Semiconductor Industry Association (SIA). This high-lights the slowdown in economic activity, after three years of strong growth.

Daily Prices

June 2019

Copper
Date(Fix.) ($/MT)
Average 5814.06
13-06-2019 5797.5
12-06-2019 5828.5
11-06-2019 5905
10-06-2019 5788
07-06-2019 5770
06-06-2019 5805
05-06-2019 5832.5
04-06-2019 5804
03-06-2019 5796
Silver
Date(Fix.) ($/OZ)
Average 14.80
13-06-2019 14.795
12-06-2019 14.79
11-06-2019 14.695
10-06-2019 14.745
07-06-2019 14.91
06-06-2019 14.955
05-06-2019 14.84
04-06-2019 14.72
03-06-2019 14.705
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1329.99
13-06-2019 1335.8
12-06-2019 1336.65
11-06-2019 1322.65
10-06-2019 1328.6
07-06-2019 1334.3
06-06-2019 1336.65
05-06-2019 1337.75
04-06-2019 1323.6
03-06-2019 1313.95
Date(Fix.) ($/OZ)
Average 1330.20
13-06-2019 1335.85
12-06-2019 1334.5
11-06-2019 1323.475
10-06-2019 1328.6
07-06-2019 1337.475
06-06-2019 1336.075
05-06-2019 1336.4
04-06-2019 1323.925
03-06-2019 1315.525
Date(Fix.) ($/OZ)
Average 1330.41
13-06-2019 1335.9
12-06-2019 1332.35
11-06-2019 1324.3
10-06-2019 1328.6
07-06-2019 1340.65
06-06-2019 1335.5
05-06-2019 1335.05
04-06-2019 1324.25
03-06-2019 1317.1
Lead
Date(Fix.) ($/MT)
Average 1882.94
13-06-2019 1903
12-06-2019 1918
11-06-2019 1949
10-06-2019 1888
07-06-2019 1837
06-06-2019 1945
05-06-2019 1881.5
04-06-2019 1834
03-06-2019 1791
Zinc
Date(Fix.) ($/MT)
Average 2627.78
13-06-2019 2604
12-06-2019 2640.5
11-06-2019 2670
10-06-2019 2620.5
07-06-2019 2621
06-06-2019 2637
05-06-2019 2605.5
04-06-2019 2636
03-06-2019 2615.5
Tin
Date(Fix.) ($/MT)
Average 19285.00
13-06-2019 19500
12-06-2019 19325
11-06-2019 19360
10-06-2019 19280
07-06-2019 19630
06-06-2019 19110
05-06-2019 19110
04-06-2019 19250
03-06-2019 19000
Nickel
Date(Fix.) ($/MT)
Average 11756.11
13-06-2019 11920
12-06-2019 11745
11-06-2019 11825
10-06-2019 11600
07-06-2019 11580
06-06-2019 11710
05-06-2019 11765
04-06-2019 11800
03-06-2019 11860
Cobalt
Date(Fix.) ($/MT)
Average 30000.00
13-06-2019 28000
12-06-2019 28000
11-06-2019 28000
10-06-2019 28000
07-06-2019 28000
06-06-2019 32500
05-06-2019 32500
04-06-2019 32500
03-06-2019 32500