On the Shanghai exchange, tin for November delivery fell 4.5% to CNY 269,450
Copper price fell 0.2% to $9,346/ton,
· Nickel price fell 1.5% to 18,660 USD/ton
Tin prices in Shanghai fell on Tuesday, retreating from record highs reached in the previous session, driven by a sell-off as investors worried about demand from China, the metal’s consumer. world leader, may decrease due to the electricity crisis in the country.
Power shortages in China are increasingly serious, forcing many factories to stop production, including many factories that supply components / spare parts for Apple and Tesla. An increasingly scarce supply of coal and tight emissions standards have led to power shortages across China.
Among the base metals traded on the London floor, tin prices last session fell the most, losing 4.2% to $ 35,000 / ton, from a record high reached last week, at 36,836 USD / ton.
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Tin prices retreat from record highs reached in previous session
Tin for November delivery traded on the Shanghai Commodity Exchange fell 4.5% to CNY 269,450 ($41,670.47) a ton, down from a record 290,510 CNY a tonne reached in the first session. week.
The Beijing branch of the International Tin Association (ITA) said that as tin welding and chemical manufacturing companies in parts of China operate at reduced capacity due to limited electricity use, the demand for tin Refining also decreases.
As of September 28, tin prices were up 91.5% this year, supported by supply disruptions caused by the pandemic in major producing countries and explosive demand for electronics.
On the London exchange, copper fell 0.2 percent to $9,346 a tonne, nickel fell 1.5 percent to $18,660 a tonne while zinc rose 0.2 percent to $3,075 a tonne.
On the Shanghai trading floor, nickel prices fell 3.1% to CNY 141,050/ton, aluminum prices fell 2% to CNY 22,495/ton, zinc prices fell 1.4% to CNY 22,710/ton, and copper prices fell 0.3% down 69,140 CNY/ton.
Nickel prices fell on forecasts of lower output in the country’s stainless steel mills due to power shortages. Two-thirds of global nickel consumption goes to the stainless steel industry, mainly in China.
Australia-based mining company MMG Ltd said it will shut down its copper mine in Las Bambas, Peru this week, as community protests in a nearby province have disrupted traffic. stalled.
Futures price list of some metals on the Shanghai Exchange (Unit: yuan/ton).
| Type name | Period | September 28 | Difference from yesterday | ||
| Steel price | Delivered in January 2022 | 5.559 | +55 | ||
| Copper price | Delivered in November 2021 | 69.180 | -150 | ||
| Zinc price | Delivered in November 2021 | 22.775 | -255 | ||
| Nickel price | Delivered in November 2021 | 140.720 | -3.260 | ||
| Silver price | Delivered in December 2021 | 4.799 | +7 |
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