Tin hit an all time high on the LME late yesterday.
S&P Global Market Intelligence's latest analyst survey showed consensus forecasts for tin prices in 2023 were up 23% from November to US$11.65/lb and up 34% for 2024 to US$12.19.
Recent tightness in the tin market has been driven by the closure of a key border crossing between China and Myanmar, leading to a significant 56% drop in tin imports in November. In December, major Chinese smelter Gejiu Kaimeng closed down its refinery for routine maintenance.
Aluminium also hit its highest level since October.
Alastair Munro, from Marex's LME desk, said traders may have been focused on Chinese property data, released on Monday, which highlighted the speed of the slowdown.
"In chatting to our client base, we begin to sense a growing macro opinion that this construction fall out is going to spur China's authorities into implementing further economic supportive measures," he said.
US stocks returned to trading after the Martin Luther King Day public holiday and dropped 1.8%.
Gold was trading at $1812.20 an ounce on Wednesday morning UK time