LME期锡攀升至三年半高位，受供应紧张提振

Core Viewpoint - The global supply tightness has driven up tin prices, increasing market interest in this critical material, which is essential for various applications including electric vehicle batteries and electronics [1][2]. Group 1: Price Trends - The three-month tin futures on the London Metal Exchange (LME) rose by $652, or 1.54%, closing at $42,927 per ton, with an intraday peak of $43,345, the highest level since April 2022 [1]. - LME spot tin prices have remained above $40,000 per ton for most of December, marking the first occurrence since early 2022 [2]. - The New York A-grade tin spot price reached a three-year high of $19.21 per pound on December 15, up 44.1% since the beginning of the year [2]. Group 2: Supply Challenges - The tin market is facing supply challenges due to mining disruptions and increased awareness of tin's value, with Indonesia's tin production accounting for 16.7% of global output in 2024 [4]. - The Indonesian government has halted 1,000 illegal tin mines to combat illegal mining activities, resulting in an 80% loss of tin production [5]. - Malaysia Smelting Corp's subsidiary faced a three-week suspension of tin mining activities due to pollution allegations, although production resumed on December 4 [5]. - Supply from Myanmar remains tight due to delays in restarting shipments from the Man Maw mine, which was previously suspended to protect mineral resources [5]. Group 3: Market Sentiment - High tin prices have led to positive sentiment among investors, with LME fund net positions at record long levels due to a "supply risk premium" [6]. - Companies like Cornish Metals Inc. are benefiting from high tin prices, aiming to restart the South Crofty tin mine in the UK and become a major tin supplier in Europe by mid-2028 [7]. - Experts anticipate that supply constraints will persist in the short term, sustaining bullish sentiment for tin prices [7].