London saw tin prices rise to a two-week high on Friday due to speculation that an earthquake in Myanmar, a major tin producer, may cause delays in restarting production in its main mining region. The London Metal Exchange saw benchmark tin prices increase by 2.5% to $36,140 per metric ton, reaching $36,635, the highest since March 14. Myanmar, which is the world's third-largest tin producer and a key supplier to China, was impacted by the earthquake near its main tin-producing region. Despite reports of damage from the earthquake, there has been no mention of any impact on the tin-rich Wa State, which is situated about 265 miles away from the earthquake's epicenter. The earthquake's intensity was much lower in the tin mining region compared to the epicenter. Tin prices have surged by 24% this year due to limited supply from Myanmar and the suspension of operations at a major mine in the Democratic Republic of Congo. The potential resumption of tin mining in Myanmar and Congo faces challenges that may take months to address. Tin inventories in LME warehouses are at record lows, contributing to an increase in tin prices.
/Article