Tin prices hit $20,459 a metric ton to begin the week, marking its highest point in nearly two months due in part to concern over shortages on the London Metal Exchange following cancelled warrants.
According to a report from Reuters, those shortages grew to nearly 50% of LME stocks.
Tin has been riding a high wave since January 2016 with global prices for the metal surging by nearly 40% since that time.
According to a recent report from The Star Online, Malaysia Smelting Corp (KL:MSCB) is anticipating better performance this year given the continued ascent of tin prices. MSC is the world’s second-biggest tin supplier and is counting on tin price growth, along with a strengthening of the U.S. dollar, to bring substantial improvement to the company’s profit over the course of the coming quarters. CEO Datuk Dr. Patrick Yong told The Star,
We will continue to make the necessary strategic decisions and adapt to the ever-changing marketplace.