Tin a hot commodity, likely to continue to outperform
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Real estate leads S&P 500 sector gainers; Energy weakest group
S&P banks index down >4%
Dollar ~flat; gold rises; bitcoin slips; crude slides >4%
U.S. 10-Year Treasury yield falls to ~3.66%
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TIN A HOT COMMODITY, LIKELY TO CONTINUE TO OUTPERFORM
Tin has shown heart in the commodity space, outperforming on a favorable supply/demand ratio, and with those dynamics unlikely to change prices should continue to advance, according to Bank of America.
“As the momentum of this year's base metals rally fades, tin has continued to outperform,” analysts including Danica Averion said in a recent report.
Tin prices are up 20% year-to-date, which BofA attributes to multiple factors.
“Supply has faced headwinds and is still hovering around 2005 levels. As for demand, the energy transition, with its reliance on green technologies, is boosting consumption,” the bank said. “A rebound in semiconductor sales has also been supportive. Taken together, this means inventories are now virtually depleted.”
BofA expects tin prices to rise to an average of $37,000 per ton by 2026, from $30,915 on Monday. CMSN3
(Karen Brettell)
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