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MALAYSIA SMELTING CORPORATION BERHAD

(MSC)
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Tin prices jump to record highs as inventories weaken

09/24/2021 | 02:23am EST

Sept 24 (Reuters) - Tin prices hit record highs on Friday as inventories fell in exchange warehouses, although looming U.S. rate hikes and concerns over debt-ridden China Evergrande kept a lid on gains.

The most-traded October tin contract on the Shanghai Futures Exchange jumped as much as 4.8% to a record 287,960 yuan ($44,545.51) a tonne. The contract has leapt 90% so far this year to be the best performing base metal on ShFE.

Three-month tin on the London Metal Exchange also hit a historic high of $36,500 a tonne, having gained 79% so far in 2021.

"It's a good time, especially for producers," a tin trader said, adding that a production issue at Malaysia Smelting Corporation, the world's third-biggest refined tin maker, was a major factor this year.

Prices can go up more based on supply and demand, although a rate hike by the U.S. Federal Reserve will likely suppress the rally, the trader said.

Tin inventories in LME warehouses <MSNSTX-TOTAL> fell to 1,180 tonnes on Sept. 22, the latest exchange data showed, down 79% from the same time last year. ShFE tin stockpiles <SN-STX-SGH> were last at 1,702 tonnes, hovering near an April 2016 low of 1,197 tonnes hit on Aug. 27.

The global tin market deficit is expected to rise to 12,700 tonnes in 2022 from 10,200 tonnes this year, the International Tin Association said in June. Prices for the metal have gone up due to high demand from electronics firms, pandemic-led supply disruptions and historically low inventory levels.

Further gains on Friday were limited as markets watched out for signs of default from property developer China Evergrande , while the U.S. Federal Reserve hinted at a sooner-than-expected rate rise.

FUNDAMENTALS

* LME copper edged up 0.1% to $9,280 a tonne by 0712 GMT, aluminium fell 1.1% to $2,917 a tonne and nickel decreased 1% to $19,160 a tonne.

* ShFE aluminium fell 1.2% to 23,100 yuan a tonne, copper rose 0.6% to 69,250 yuan a tonne, zinc advanced 1.5% to 22,985 yuan a tonne and lead was up 1% at 14,355 yuan a tonne.

* For the top stories in metals and other news, click or

($1 = 6.4644 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M. and Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -5.46% 1.73 End-of-day quote.-88.39%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED -5.81% 3.08 End-of-day quote.-89.80%
MALAYSIA SMELTING CORPORATION BERHAD 7.69% 3.5 End-of-day quote.144.76%
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Financials
Sales 2021 1 299 M 308 M 308 M
Net income 2021 89,5 M 21,2 M 21,2 M
Net Debt 2021 - - -
P/E ratio 2021 16,4x
Yield 2021 1,00%
Capitalization 1 449 M 343 M 344 M
Capi. / Sales 2021 1,12x
Capi. / Sales 2022 0,94x
Nbr of Employees 1 213
Free-Float 36,6%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 3,50 MYR
Average target price 2,83 MYR
Spread / Average Target -19,3%
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Managers and Directors
Mian Thong Yong Group CEO & Non-Independent Executive Director
Hoi Khong Lam Group Chief Financial Officer
Gek Khim Chew Non-Independent Non-Executive Chairman
Raveentiran Krishnan Group Chief Operating Officer-Smelting
Seong Lee Chen Deputy Chief Executive Officer-Administration