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Shanghai tin price jumps after Alphamin stops mining in Congo

Shanghai tin price jumps after Alphamin stops mining in Congo

Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin.

Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo".

Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session.

The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110 per ton. This is a decline from its intraday peak of $37100 per ton in mid-2022.

In a recent note, Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world, and will contribute 6% of tin ore to the global market by 2024.

Wang believes that even though Myanmar's Wa State is considering restarting their mining operations, any significant increase in the tin production from this region is not expected to be apparent until May 2025.

Base metals traders said that they were closely following the news of militancy and tin in Congo.

LME copper rose by 0.4%, to $9,817.5 per ton. LME Aluminium was down by 0.1%, to $2,699.5 per ton. Lead gained 0.3%, to $2,079.5. Nickel increased 0.4%, to $16,570.

SHFE copper increased by 0.7%, to 80,150 Chinese yuan ($11 070.44) a metric ton. SHFE aluminium fell 0.1%, to 20,960 yuan. SHFE zinc rose 0.2%, to 24,120 Yuan. Lead jumped up 0.4%, to 17,640 Yuan. Nickel lost 0.2%, to 133 300 Yuan. $1 = 7.2400 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich and Sonia Cheema).

(source: Reuters)