Content area
Full Text
Despite serious misgivings by some players in the tin market, four LME-approved warehousing firms flung open their doors at the turn of the year to be ready for deliveries of tin. It has already begun to arrive. Richard Barrett reports.
At the start of this year no less than 22 warehouse units in Singapore, run by four separate companies, stood ready to accept LME tin stocks. Traders looking to store metal there can choose between LME-approved firms Henry Bath Singapore, Cornelder Metals, Mac-Nels Warehousing and C. Steinweg Warehousing, who quote rental rates in a range between $0.20 and $0.26 per tonne per day.
As MBM went to press in mid-January, stocks of tin in Singapore had already climbed to 6,915 tonnes, and the capacity for them to grow further is effectively unlimited. A spokesman for just one of the four approved firms said that with a total capacity of 40,000 sq metres, and bearing in mind their Singapore warehouses' "elastic walls", they alone could theoretically store 80,000-100,000 tonnes of tin! Current...