Timah stops sale of its product

Publicly listed tin producer PT Timah Tbk has halted the sale of its product and will not resume sale until the price of the commodity at the London Metal Exchange (LME) is back to over US$ 15,000 per ton, Investor Daily reported Saturday.

 

“We have stopped the sale of tin for a new contract and on the spot market,” said Timah’s corporate spokesman in Jakarta as quoted by Reuters in London on Friday.

 

The tin price at LME dropped 20 percent from the record high of US$ 17,050 on August 7 this year.

Meanwhile, Timah's commissioner Ismerda Lebang said the decision would not affect the contracts agreed earlier as the company remained committed to producing between 45,000 tons and 48,000 tons this year

 

“We are waiting for the price increase to US$ 15,000 before selling it again. We will still fulffill the contracts agreed earlier,” said Ismerda, who is a member of the advisory board of Tin Council, during a trip to  London. (*)