Tin prices will increase even more in the coming weeks, despite its current record high value of £20,200 per tonne, as demand outstrips supply.
According to traders, tin never really felt the effect of the recession because of the strong demand for tin cans, electronics and solder. Now prices are stronger than ever before with Europe and Asia battling it out for material.
One merchant said: “Prices are extremely high at the moment. Because no new mines have been coming online in the last 20 years and there are no plans to do so in future, supply is decreasing. Countries are also clamping down on illegal mines, while Africa has recently imposed a blanket ban on exports of tin from the Congo.”