YANGON, MAy 27 (Reuters): Tin prices rose this week on supply worry after a major tin producing region in Myanmar reiterated its plan to suspend mining later this year.
A detailed plan to suspend all mining activities in the Wa region in Myanmar from Aug. 1 was released earlier this month, the International Tin Association (ITA) said in a statement on Wednesday.
"It sends a strong message to the mining sector about the (Wa) government's unwavering commitment to promote sustainable mining practices, protect the environment, and safeguard the welfare of mine workers," the ITA said.
Three-month tin on the London Metal Exchange rose 1.9% to $24,415 a tonne by 0528 GMT, while the most-traded June tin contract on the Shanghai Futures Exchange advanced 2% to 198,630 yuan ($28,736.56) a tonne.
The suspension announcement last month sent tin prices sky-rocketing, with China's Yunnan Tin, the world's top refined tin producer, saying the mining halt could lead to a further tightening of global tin supply.
LME aluminium fell 0.3% to $2,197 a tonne, zinc declined 1.9% to $2,269 a tonne, lead eased 0.2% to $2,044 a tonne, while copper rose 0.1% to $7,907 a tonne and nickel increased 1.3% to $20,995 a tonne.
SHFE aluminium shed 1.1% to 17,525 yuan a tonne, zinc declined 2.8% to 18,910 yuan a tonne, lead eased 0.3% to 15,235 yuan a tonne, copper dropped 1.2% 63,190 yuan a tonne while nickel rose 1.5% to 166,470 yuan a tonne. - Reuters
