PHYSICALS - South Korea buys 100t of tin at a premium of $580/t - PPS

Vicky Chenvicky.chen@fastmarkets.comPhysicals Reporter+44 (0) 20 7337 2141

London 13/11/2015 - South Korea has bought 100 tonnes of tin at a premium of $580 per tonne over London Metal Exchange (LME) cash prices, the country's Public Procurement Service (PPS) said on Friday.

PPS, which manages the country's strategic stockpile of commodities, purchased a minimum of 99.9-percent purity tin for delivery to the port of Inchon on a cost, insurance and freight (CIF) basis.

The bulk of the metal originated from Thailand (tax-free) and was awarded by LG Int'l H/K.

This is higher than the previous tender where PPS had bought 100 tonnes of 99.9-percent purity tin of Indonesian origin (tax-free) at a premium of $498 per tonne.

Spot premiums in South Korean warehouses are currently stable at $220-225 per tonne basis duty unpaid.

There will be two aluminium tender for 1,000 tonnes each due on November 25 after it previously bought 1,000 tonnes at a premium of $108 per tonne on July 31.

(Edited by Vivian Teo)

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