Tin Prices Rise After Myanmar Confirms Mining Ban

Foreign media on August 3 news, it is understood that the International tin Association (International tin Association) confirmed that from August 1 to prohibit Myanmar Wa militia mining tin, tin prices rose on Thursday.
Tin for three-month delivery on the London Metal Exchange (lme) rose 3.8 percent in early Asian trade and was up 3 percent at $28,245 a tonne by 0502 GMT.
The most-traded September tin contract on the Shanghai Futures Exchange rose 1.4% to 230,280 yuan ($32,023.36) a metric ton.
"We have confirmed that the Wa mine was closed as required on August 1," ITA told Reuters.
Myanmar accounted for 77 per cent of China's tin ore imports last year, according to Chinese customs data. The WSA region is estimated to account for more than 70 percent of Myanmar's tin production by 2022, the International Tin Federation said.
Tin smelters in China, the largest consumer of Myanmar tin, had stockpiled tin, ensuring adequate immediate supplies, the IFI said.
The ban, announced in April, immediately pushed up the price of rare earths used in the electronics and semiconductor industries.
Analysts at Orient Securities said the short-term impact of the ban had been priced in, but continued supply disruptions and a stable demand outlook would support tin prices.
Despite supply concerns, a stronger dollar has weighed on markets, making it less attractive to buy commodities denominated in the US currency.
Other metals were mostly lower on the Shanghai Futures Exchange. Copper fell 1.2% to 68,930 yuan a tonne, aluminium fell 0.5% to 18,440 yuan a tonne, zinc fell 1.4% to 20,835 yuan a tonne, lead was little changed at 15,950 yuan and nickel fell 2.8% to 167,590 yuan a tonne.
LME copper fell 0.2 per cent to $8,492.50 a tonne, zinc fell 0.1 per cent to $2,480 a tonne, lead slipped 0.1 per cent to $2,145 a tonne, nickel rose 0.5 per cent to $21,665 and aluminium rose 0.5 per cent to $2,220 a tonne.