TIN: global manufacturing activity has remained resilient

After a volatile June, tin prices have remained elevated but range-bound in July, with the LME three-month contract averaging just under $53,000/t.

While the AI-driven rotation trade that triggered a sharp sell-off in semiconductor stocks in June has eased, inflation concerns have returned to the fore amid renewed US-Iran tensions, rising oil prices and an escalation of disruptions in the Red Sea.
Underlying fundamentals for tin remain price-supportive. Indonesian exports continue to lag historical levels following the RKAB transition, while the recovery in Myanmar’s Wa region has stalled and supply disruptions in Bolivia have only recently begun to ease.

Meanwhile, global manufacturing activity has remained resilient and visible exchange inventories have fallen 28% over the past month