FX.co ★ Tin Extends Rebound to 1-Month High

In May, tin futures increased to $32,575 per tonne, marking the highest point in a month. This surge was influenced by the re-establishment of trade flows between the US and China, which bolstered the demand prospects within the manufacturing sector. To enhance the manufacturing outlook, both countries agreed to reduce tariffs for 90 days. Additionally, economic activity received a boost from the People's Bank of China lowering its reserve requirement ratio alongside its 7-day reverse repo rate.

On the supply side, significant developments included Alphamin Resources resuming operations at its tin mine in the Democratic Republic of Congo. Previously, militant group insurgencies had caused evacuations of personnel. Meanwhile, in Myanmar's Wa State, discussions about granting mining permits and resuming activities in the tin production hub were advanced after delays caused by an earthquake in late March.