Copper ends up, tin hits record on supply concerns

* Tin strikes record at $28,190 a tonne

 * Copper to average $9,663/T this year - Reuters poll

 * Investors keep eye on lead dominant position

 * Coming up: U.S. consumer confidence data on Tuesday

 

Copper ended up for a second consecutive day on Monday, and tin prices notched a new record high as supply-side constraints reinforced a bullish outlook for both metals.  Down about 5 percent from all-time records this year at $9,781 per tonne in London and $4.4980 per lb in New York, copper prices regained their composure late last week in anticipation of robust Chinese demand prospects, even as fears of tighter monetary policies
there remained. 

London Metal Exchange (LME) copper for three-month delivery CMCU3 closed up $88 at $9,529 a tonne. COMEX March copper HGH1 added 3.95 cents to settle at $4.3485 per lb, after dealing between $4.3090 and $4.3725.

LME tin CMSN3 hit a record high of $28,190 a tonne, before ending the day at $28,095, up $350 from Friday's close.  "Tin and copper are very supply constrained metals, that's not
going to be resolved for many months, if not years," Robin Bhar, an analyst at Credit Agricole, said.

Indeed, a widening market deficit could propel copper to new record highs this year, as exchange-traded products and a narrowing supply surplus buoy prices, according to a Reuters poll.

The consensus of 50 forecasts showed the cash copper price CMCU0 would average $9,663 a tonne this year.  Tin is forecast to rise almost 38 percent this year, according to the average of 24 forecasts, the Reuters poll showed, driven by dwindling reserves, rising demand, and unusually wet weather in big producer Indonesia.Source: Reuters