Categories: विदेश

UPDATE 2-Tin jumps to near 6-month high on Indonesia supply fears

* Indonesia President orders closure of illegal tin mines -Antara * Tin prices rise as much as 2.9% in London, 3.9% in Shanghai (Adds detail, comment from tin trading sources) By Tom Daly LONDON, Sept 29 (Reuters) – Tin prices rose to their highest in almost six months on Monday as reports of a crackdown on mining in key producer Indonesia sparked fears of supply shortage. Indonesian President Prabowo Subianto has ordered the closure of around 1,000 illegal tin mines in the key tin-producing region of Bangkia Belitung off the east coast of Sumatra, where mined tin was being smuggled out on small boats and ferries, state news agency Antara reported on Monday. "There are one thousand illegal mines in the region. Starting September 1, I ordered related parties to conduct a large-scale operation in Bangka Belitung, shutting down nearly 80% of the smuggled tin," Antara quoted Prabowo as saying. Two tin trading sources said the number of mines Prabowo referred to appeared to be incorrect or exaggerated. Nonetheless, benchmark three-month tin on the London Metal Exchange rose as much as 2.9% to $35,510 a metric ton, the highest since April 4. The metal, used in circuit-board soldering for products like mobile phones and in electric cars, was trading at $35,485 as of 1537 GMT. Meanwhile, in top metals consumer China, the most active tin contract on the Shanghai Futures Exchange climbed as much as 3.9% to 283,000 yuan ($39,750) a ton in evening trading, the highest since April 3. Refined tin production in Indonesia fell to just under 50,000 tons in 2024, the lowest in more than 20 years, the International Tin Association said in May. Indonesian production accounted for around 13.5% of the global total of 371,200 tons last year. ($1 = 7.1194 Chinese yuan renminbi) (Reporting by Tom Daly; additional reporting by Pratima Desai and Polina Devitt; Editing by Tomasz Janowski, Tasim Zahid and Leroy Leo)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

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