Tin strikes record highs in London

26th January 2011, Comments 0 comments

The price of tin hit record highs on Wednesday, driven by supply concerns in key producer Indonesia and keen global demand for the industrial metal, analysts said.

On the London Metal Exchange, the contract for three-month tin jumped to $28,775 per tonne. The metal has been rising steadily, hitting $27,720 a tonne last Friday, up from $26,750 a week earlier.

"Prices are being driven higher by renewed concern about Indonesian exports," said MF Global analyst Edward Meir.

"The Indonesian Tin Industry Association said today that tin exports in January were only 5,000 tonnes compared with more than 7,700 tonnes in December.

"Heavy rains and floods have hit mine operations hard, although weather conditions seem to have improved today, with operations reported to be back to normal."

© 2011 AFP

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