JJT - Tin prices skyrocket as Myanmar mining hub plans crackdown

2023-04-17 09:56:03 ET

Tin prices surged as much as 11% Monday to their highest in nearly two months as news of a mining ban in Myanmar, a major producer of the metal, sparked worries about shortages.

An economic planning committee in northern Myanmar controlled by the country's largest ethnic armed organization reportedly ordered a general halt to mining operations.

The implications for mining activity from the apparent crackdown are not clear, but the region has become a key source of tin ore in recent years - especially for refineries in China - and any disruptions will ripple across the global market.

According to Bloomberg , tin ( NYSEARCA: JJT ) topped $27,700/metric ton in London trading, the highest since February, and prices on the Shanghai Futures Exchange closed +10.5% at their daily limit.

Myanmar has the world's third largest reserves of tin, and accounted accounted for 77% of China's tin ore imports in 2022.

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