METALS-Tin prices hit record highs on falling inventories
September 24 (Reuters) – Tin prices hit record highs on Friday as data showed low levels of inventory in foreign exchange warehouses, although looming rate hikes in the United States and concerns over indebted China Evergrande capped prices. earnings.
The most traded October tin contract on the Shanghai Futures Exchange SSNcv1 jumped 4.8% to a record 287,960 yuan ($ 44,569.64) per ton. The contract has jumped 89% so far this year to be the best performing base metal on ShFE.
Three month tin on the London Metal Exchange CMSN3 also hit a record high of $ 36,500 per tonne, having gained 78% so far in 2021.
Tin stocks in LME warehouses MSNSTX-TOTAL fell to 1,180 tonnes on September 22, according to the latest trade data, down 79% from the same period last year. ShFE tin stocks SN-STX-SGH were last at 1,702 tonnes, nearing the April 2016 low of 1,197 tonnes reached on August 27.
Other gains were limited as markets watched for signs of default by property developer China Evergrande 3333.HK, while the US Federal Reserve has hinted at an earlier-than-expected rate hike.
* Copper LME CMCU3 increased 0.3% to $ 9,303 per tonne, aluminum CMAL3 fell 0.7% to $ 2,928.50 per tonne, nickel CMNI3 fell 0.6% to $ 19,235 per tonne and lead CMPB3 rose 0.9% to $ 2,138.50 a tonne.
* Aluminum ShFE SAFcv1 fell 1% to 23,130 yuan per ton, copper SCFcv1 increased 0.5% to 69,140 yuan per ton, zinc SZNcv1 grew 1.4% to 22,965 yuan per ton and lead SPBcv1 was up 0.8% to 14,330 yuan per ton.
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* Asian stocks were on edge, affected by lingering uncertainty over Evergrande’s fate in China, even as greater risk appetite drove gains for Wall Street and benchmark US Treasury yields . MKTS / GLOB DATA / EVENTS (GMT)
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(Reporting by Mai Nguyen in Hanoi; editing by Ramakrishnan M.)
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