Tin Price explodes gains $5000 US in single sessionhttps://smallcaps.com.au/tin-price-explodes-gains-us5000-t-single-session/
Woe betide any speculator who has shorted tin. At one stage on the London Metal Exchange trading overnight, the cash spot price was up US$5,000 per tonne in just that session and briefly pushed above US$30,500, which is a move described in reports from London as “short squeezing”.
At session’s close, the cash price for the metal was US$29,625/t, up US$4,280 (or 16.8%), while the three-month price ended at US$24,385/t, which was a gain of US$735 (3.1% higher).
That is a backwardation of US$5,420/t, a dramatic sign that the supply-demand situation is under enormous strain as buyers tie up physical metal for immediate delivery.
It is the greatest gap between cash and three-month prices in 30 years.