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(Bloomberg) -- Tin prices extended gains to hit the highest in more than two years, as a halt to production at a major mine in Africa that’s threatened by insurgents continues to fan this year’s biggest rally on the London Metal Exchange.
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The metal used to coat containers and solder circuits rose as much as 3.3% on the LME, after a 7.4% surge on Thursday, following the suspension of Alphamin Resources Corp.’s Bisie mine in the Democratic Republic of the Congo. In Shanghai, tin futures climbed by their daily 10% limit.
“It’s hard to evaluate how long the suspension will last, but it’s definitely going to worsen the existing global tin ore shortage,” First Futures Co. said in a note. Political turmoil in the African nation is compounding the impact of a halt to mining in Myanmar’s Wa State, helping to lift LME prices by about 25% so far this year.
The Bisie site in the Congo produced 17,300 tons of tin ore in 2024, or about 6% of global supply, according to the Chinese brokerage. Alphamin said it’s evacuating the mine due to the advance of insurgent militant groups.
LME tin climbed to as much as $37,100 a ton, its highest since June 2022, before paring gains to $36,280 a ton as of 12:25 p.m. local time. Yunnan Tin Co., China’s largest producer of the metal, surged by its a daily limit of 10% in Shenzhen.
--With assistance from Mark Burton.
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