At the beginning of the week, some industrial metals climbed to new cyclical highs. And so continued the market rally. Although, as usual, copper was in focus with a rise to a nine-year high above US$9,000 per ton and nickel with a bounce above the US$20,000 per ton mark, tin continues to be the metal of the year.
Price of tin doubled on LME, nickel up 15%
Since the lows at the end of March 2020, the price of tin on the London Metal Exchange (LME) has doubled, and since the beginning of the year it has already climbed almost 30 percent, reaching a nine-and-a-half-year high. Copper and nickel have risen by a good 15 percent since the beginning of the year.
Market rally: Spot tin thousands of U.S. dollars above LME prices
There appears to be an acute shortage in the tin market at the moment, which is why prices for tin for immediate delivery are thousands of US dollars above benchmark prices on the LME.
Demand for tin, which is mainly used in the manufacture of electronic components and for soldering, is expected to remain high throughout the year. Investors who are confident of further price potential can do so most easily by investing in shares of the major tin producers.
Asian shares recover on the back of rising raw material prices
Rising commodity prices boosted market expectations on Asian stock exchanges on Tuesday, February 23, 2021, with an improved growth outlook. Market attention will turn later in the day to Federal Reserve Chairman Jerome Powell, who delivers his semi-annual policy statement.
Shanghai and Shenzen stock exchanges up
The stock market in Shanghai .SSEC was up 0.3 percent. The index of major companies in Shanghai and Shenzen .CSI300 gained 0.1 percent. MSCI’s index of Asian shares outside Japan .MIAPJ0000PUS fell 1.7 percent.
Domestic Chinese HRC prices rise after Chinese New Year
Spot prices for hot-rolled coil (HRC) in the Chinese domestic market have risen sharply in recent days following the end of this year’s Chinese New Year holiday on February 18. The rise was fueled by market hopes for a quick resumption of demand as consumers need to replenish their stocks after the holidays, market sources said.
Market rally a possible super cycle?
For some time now, the market rally has been observed by analysts and the first media reports are already talking about a possible super cycle on the commodity markets.
- Critical: No, stainless steel prices are not falling
- Nickel jumps over 4% due to weak dollar and strong demand
- Steel scrap prices on global markets recover after Lunar New Year holidays
- The future is bright for nickel exploration due to a commodity price super cycle
- Investment backlog in mining – are prices now rising?
Steelnews.biz constantly searches the Internet for important, interesting and informative news.
Are you missing an information, do you have a question or are you interested that we refer to a certain article or press release of Steelnews.biz? Then simply contact us now.
We always try to refer to the correct source of a news item.
Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.