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Ardent Listener
Administrator
USA
2627 Posts |
 Posted - 04/21/2008 : 18:11:06
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Metals - Tin hits record as stocks dip further amid mid-term supply fears UPDATE
Mon, Apr 21 2008, 09:42 GMT
http://www.afxnews.com
(Updating with full report)
LONDON (Thomson Financial) - Tin rallied to a new record high in early trade as inventories of the grey metal monitored by the London Metal Exchange fell by another 75 tonnes this morning, exacerbating fears of a supply shortage.
Tin stockpiles, at 8,195 tonnes, are now down by around a third since the beginning of the year, and analysts fear tightening supply from major producers China and Indonesia could cause stocks to contract further this year.
"Tin prices rallied to a new nominal high on the back of falling LME inventory levels and concerns over Indonesian supply," said Deutsche Bank analyst Jude Brhanavan.
Prices have already taken support in recent months from fears over falling supply from China, the world's biggest producer of the metal.
China has been a net tin importer since last September, and in January imposed a 10 percent export tax on tin in a bid to protect local supply. ............
Continued........... http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=5f027899-e446-4578-b83a-2f0c5c0e287f
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pencilvanian
1000+ Penny Miser Member
2035 Posts |
Posted - 04/21/2008 : 19:37:14
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Keep an eye on the magazine section of your local bookstore or news stand.
The reason: When Time, News Week or Business Week start touting metals as the next hot investment, that will be the ultimate indicator that the metals bull market has reached its peak and it is time to sell and sell fast (much like the magazine cover that read 'The End of Equities' weeks before the stock market bounced back and headed for new highs.)
The so called 'know-it-alls' in the financial world almost always get it wrong at the worst possible moment. |
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Tin hits record as stock dip-supply fears
