METALS-Shanghai Tin Slips From Record High on China Demand Worries!– OnMyWay Mobile App User News

Shanghai tin prices dropped on Tuesday from record highs hit in the previous session as growing power cuts in top consumer China sparked worries over downstream demand.

The most-traded November tin contract on the Shanghai Futures Exchange SSNcv1 fell 4.5% to 269,430 yuan ($41,667.38) a tonne at 0416 GMT, falling from a record 290,510 yuan-a-tonne record level hit on Monday.

As solder companies and tin chemical producers in parts of China operated at reduced capacity due to electricity usage curbs, demand for refined tin reduced, the International Tin Association’s (ITA) Beijing branch said on Monday.

“The price of tin, previously supported by fundamentals, may face greater downward pressure,” the ITA added.

Prices of the metal surged 91.5% this year as of Monday’s close, backed by pandemic-led supply disruptions in major producing countries and booming demand for electronics.

ShFE nickel SNIcv1 dropped 3.2% to 140,900 yuan a tonne, while LME nickel CMNI3 fell 1.4% to $18,690 a tonne.

“The current demand for nickel … is strong, but the limited production of stainless steel affects some refined nickel consumption,” brokerage Huatai Futures said in a report.

“The power curtailment policy affects part of the downstream consumption of nickel.”

FUNDAMENTALS

* LME copper CMCU3 edged up 0.1% to $9,373.50 a tonne and zinc CMZN3 rose 0.2% to $3,073 a tonne.

* ShFE aluminium SAFcv1 declined 1.4% to 22,630 yuan a tonne, zinc SZNcv1 was down 1.4% to 22,705 yuan a tonne and copper SCFcv1 eased 0.1% to 69,240 yuan a tonne.

* Australia-based miner MMG Ltd 1208.HK said on Monday it would stop operations at its copper mine at Las Bambas in Peru this week, as community protests in a nearby province has upended transport.

TOP/MTL or MET/L

($1 = 6.4662 yuan)

OVERVIEW

OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!

OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.

The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.

OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.

The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….

The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.

The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.

Download App Now – https://r.onmyway.com

Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com