Tin inventories have been depleted
Tin is a commodity that usually flies below the radar because the market is small at around 300Kt. That said, tin is one of the MIFTs (metals important for future technologies) that is heavily used e.g. in electronics. Against this backdrop, a continued decline of London Metal Exchange (LME) inventories was accompanied by a 190% rally in prices since 1Q20. While this dynamic was not entirely demand-driven, it still highlights one of the biggest issues when tackling climate change: the more the global community leans on the metals in decarbonisation technologies, the bigger the likelihood that fundamentals will strengthen.