yolowire.com - The price of Tin continues to rally and is outpacing all other base metals traded on the London Metal Exchange.
Tin is currently trading at $33,250 U.S. per ton, up 31% year-to-date.
In recent weeks, tin has overtaken other base metals that had previously enjoyed big rallies this year, notably Copper.
The overall rally in base metals came to an end in June of this year as high inventory levels and soft demand in China, the world's biggest metals user, hit the market.
The London Metal Exchange is down 10% from a peak reached in late May. The only base metal to see its price continue to rise over the past month has been tin.
Tin, which is used in magnets and to coat other metals to prevent corrosion such in as tin cans, has seen increased buying in recent weeks.
Much of the increase in tin’s price is due to supply constraints, say analysts. The global supply of tin decreased 38% during the year’s first half.
Shipments of refined tin from Indonesia, the world's largest exporter, have been disrupted by a backlog in issuing new export licences.
At the same time, the flow of tin from mines in Myanmar had slowed since authorities in that country initiated a wide-ranging audit last year.
The current situation has tin prices rising while nearly all other base metals are seeing their price slide lower.