LONDON: Tin prices soared on Monday to their highest in nearly two months as news of a mining ban in Myanmar, a major producer of the soldering metal, fuelled worries about shortages.
Benchmark tin on the London Metal Exchange had gained 10.2% to $27,400 a tonne by 1617 GMT after reaching $27,705, its highest since Feb. 21.
Myanmar’s Wa state will suspend mining resources exploration from August, according to an information official from the United Wa State Army. Myanmar has the world’s third largest reserves of tin, according to the US Geological Survey. It accounted for 77% of China’s tin ore imports in 2022, Chinese customs data showed.
Other industrial metals came under pressure from a stronger US currency, which when it rises makes dollar-denominated metals more expensive for holders of other currencies.
Copper slipped 0.7% to $8,962 a tonne, aluminium fell 0.3% to $2,378, zinc lost 0.85% to $2,841, lead ceded 2.6% to $2,114 and nickel advanced 2.1% to $24,635.
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