Approaching the Eid-Al Fitr holiday in Indonesia, as the world largest exporter of tin, the smelters will halt all production and export activity starting from June 11 until June 20.
China's refined tin production in June to register around 14,200 mt, 2.93% lower than in May as Guangxi China Tin and some tin smelters in Jiangxi province is undergo maintenance.
China's export in May rose 26% year on year, higher than the expected 18.8%, Imports rose 12.6% year on year, higher than the expected 11.3%.
China's producer price index (PPI), which measures costs for goods on an ex-works basis, rose 4.1 % year on year in May, higher than the expected 3.9%. The consumer price index (CPI) rose 1.8% year on year in May, in line with expectations.
Japan's preliminary Leading Economic Index in Apr was up to level 105.6 from its previous 104.5.
Proposal of Local Regulation for Tin Mining in Sea Area
Bangka Belitung Governor still considering the proposal of regulation about the tin mining policy in sea. the draft stated that the mining of tin in sea area under 2 nautical miles will be prohibited, in order to regulate the area for mining and fishing. If the proposal is approved, most of the IUP's holder in sea will be revoked, including PT Timah Tbk that 51% of its potential of tin resources are located in the IUP of Bangka Belitung sea, which 90% of the IUP in the under 2 nautical miles.