Tin price forecast for 2024: Tin has emerged as the top-performing metal in the commodity market, showing exceptional growth compared to other metals in 2024. According to data from the National Stock Exchange (NSE), tin prices have risen by an impressive 27.2 percent as of June 25, making it the best-performing commodity this year.
The NSE report also highlighted the strong performance of silver, which rose 21.7% in value. While gold is still trading at an all-time high, its 12.5% appreciation in 2024 pales in comparison to the gains achieved by silver and tin.
The report provides a detailed analysis of the annual performance of various commodities and reveals mixed results across metals. Copper has shown solid growth with an increase of 11.3%, while zinc has seen a notable increase of 6.6%. On the other hand, aluminium has seen more modest growth with an increase of just 4.4%.
In contrast to these positive trends, platinum and palladium have experienced declines. Platinum has depreciated by 1.7% and palladium has shown a similar negative trend, indicating that there are challenges in these market segments.
Renisha Chainani, director of research at Augmont – Gold for All, highlighted gold’s sustained strength despite market expectations of a significant rate cut by the Federal Reserve in September. “Gold ended the week at a new all-time high, driven by rising geopolitical tensions. Comments by the Israeli defense minister on a possible attack by Iran, despite calls from Western nations for restraint, have contributed to gold’s recent gains,” Chainani said.
The commodities market, which includes a wide range of raw materials and their derivatives, continues to show mixed performance across sectors. From agricultural products to natural resources, the trading landscape remains dynamic as investors respond to changing economic and geopolitical factors.
While tin leads the pack with its remarkable growth, market analysts suggest its prices could remain elevated throughout the fiscal year, driven by strong demand and tight supply conditions.
(With ANI inputs.)
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