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The tin price has receded since early March but maintains its underlying bull market uptrend. China’s import demand is likely to absorb stronger ex-China production in Q2. The market remains vulnerable to scarcity pricing behaviour with global visible inventories near historical lows. However, global demand headwinds and recovering supply point to a significant pullback in prices in the second half of 2022 and into 2023. Important Information: This video is intended to be for general information only. It is not investment research (whether independent or otherwise), nor is it intended to be any form of recommendation or suggestion (whether explicitly or implicitly) to buy, sell or otherwise deal in any instrument under the provisions of EU Directive 2014/65 (“MiFID II”). As such, AMT does not regard it as a ‘marketing communication’ because it is not intended to constitute any form of ‘recommendation’ within the meaning of Article 36.2. of the MiFID II Delegated Regulation 2017/565/EU. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of this information. All information contained within this video is obtained from sources already in the public domain and believed to be reliable but we make no representation as to its completeness or accuracy.