Tin Climbs to High New Prices

Tin for three-month delivery on the LME rose 0.5 percent to $23,825 a ton. The metal is this year’s best LME performer, up 40 percent, beating the 23 percent advance by closest rival nickel. LME inventories dropped for a third day to 13,555 tons, the lowest level since May 13, 2009, and down by almost half since the start of this year. 

Cash tin yesterday traded $2 above the three-month contract, the market’s first so-called backwardation since Sept. 1. Immediate-delivery metal was at a $14 discount to the three- month price on Sept. 23. 

Nickel slid 1 percent to $22,850 a ton. Cash metal’s backwardation compared with the three-month price yesterday swelled to $27 a ton, the widest level since Sept. 1, 2009, according to LME data. Immediate-delivery nickel was at a discount of $8 as recently as Sept. 22. 

Aluminum fell 1.1 percent to $2,269 a ton, lead dropped 0.8 percent to $2,251 a ton and zinc declined 1.7 percent to $2,170 a ton.