Tin prices up on supplies, output prediction
by Elaine Frei
Base metals prices were mixed Thursday.
Tin, meanwhile, added 3 percent on the LME to trade at $15,300 per tonne on tight supplies in Indonesia and after a producer there said that output in the second half will be 40 percent below first half output.
Indonesian tin producers have also said they have been thinking about putting voluntary export limits in place to keep prices up.
Copper traded even at $3.35 per pound in New York, while London Metal Exchange copper was 0.6 percent higher to $7,405 per tonne despite another increase in LME stockpiles.
The gain in London came after UBS (NYSE: UBS; SWX: UBSN; TYO: 8657) predicted that demand will begin to draw down inventories.
Other gainers included lead and nickel, which gained 1.3 percent to $3,180 per tonne and 2 percent to $28,400 per tonne respectively.
Aluminium prices fell 0.1 percent to $2,528 per tonne, while zinc dropped 1 percent to $3,020 per tonne.
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