Tin futures were above $36,000 per tonne in November, holding its gradual rise since October and tracking the bullish momentum for other base metals this year amid risks of tight supply. Despite the gradual rollout of mining quotas following the prolonged suspension in top producer Myanmar, key tin sources remained mostly inactive. Operations in the key Man Maw mine remained halted since being closed for a resource audit, magnified by bottlenecks linked to the region’s rainy season and the destruction of infrastructure following the country’s aggressive earthquake. The main alternatives were also pressured after Indonesian President Subianto ordered the closure of 1,000 illegal tin mines in Sumatra, lowering the output from the world’s second largest supplier. On the demand front, base metals also received support from signals of an incoming trade deal between the US and China.
