Tin touches new high at US$32,800

Tin prices on the Kuala Lumpur Tin Metal Exchange touched a new high on Friday when it closed at US$32,800 per tonne.

In the London Metal Exchange (LME), tin closed at US$32,600. Tin prices have been on an uptrend since last year.

The annual average LME cash settlement price for tin in 2010 was US$20,447 per tonne, the highest recorded since dollar-denominated trading on the exchange began in 1989. The average price was 50% higher than in 2009, the rise outstripping that of all the other LME metals.

Tin is making a strong comeback in terms of pricing as well as in new applications, especially with the growing lead-free awareness campaign among world food packaging companies. The largest uses for tin are for the production of solders and for tin plating.