Tin Inches Down from 5-Month High

Tin futures were at $34,300 per tonne, easing from the near four-month high of $35,000 as poor manufacturing data in China limited increasing concerns of low supply. Futures remained 18% higher year-to-date as tin ore production was slow major producer Myanmar remained slow. Despite the gradual rollout of mining quotas following their prolonged suspension, data has not reflected higher output. The key Man Maw mine remained halted since being closed for a resource audit. This was consistent with bottlenecks linked to the region's rainy season, magnified by the destruction of infrastructure following the country's aggressive earthquake. These were compounded operational problems in the DR Congo and Indonesia's lower issuance of export permits. In the meantime, the latest macroeconomic data from China, the world's top tin consumer, continued to reflect soft demand for manufactured goods. Industrial production slowed more than expected and PMIs showed a contraction in factory activity.