The price of tin, a key industrial metal used in the production of microchips and solar panels, has sharply declined following a rally earlier this year. Benchmark three-month futures on the London Metal Exchange (LME) saw tin prices reach $31,050 per tonne on February 28, marking a high point before recent market changes. The current price reflects an 8% decrease from the most recent high of $33,790 per tonne.
Supply news from Myanmar has significantly impacted the tin market, contributing to the decline in prices. As one of the world's major tin producers, Myanmar's supply developments have introduced uncertainty, letting some of the air out of the market. This new information has put downward pressure on tin prices, which are quoted in US dollars per tonne.
The London Metal Exchange serves as a benchmark for tin prices, providing a reference point for traders and investors. Tin prices, like other commodities, are subject to market fluctuations influenced by supply and demand dynamics. The recent decrease in tin prices underscores how swiftly market conditions can change based on global events and news.