Word: tins
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...London Metal Exchange, housed in a grand stone edifice on Fenchurch Street, exudes an air of ultramodern, professional efficiency. The 29 brokers sit in a circle on red leather banquettes surrounding the marble trading floor and make bids on seven metals (copper, lead, zinc, aluminum, nickel, tin and silver). For the past eight months, however, the exchange has been in turmoil. While prices for other commodities have been falling, the price of tin has been rising steeply. Since July, it has shot up nearly 30%, to more than...
...abortive attempt by Bunker and Herbert Hunt to corner the silver market in 1980. Now, as then, an unidentified buyer has been spending huge amounts of money to drive up the price of a metal. More than $500 million has been invested, and 30,000 tons of tin have been stockpiled in European warehouses. Speculators who gambled that the price of tin would soon fall face financial ruin. Major tin consumers have escalating costs. Says a spokesman for U.S. Steel, which makes tin-plated products: "Of course this is hurting...
...years, the tin market was a model of orderliness. Three countries in Southeast Asia-Malaysia, Indonesia and Thailand-account for two-thirds of the world's tin production. Since 1956, they and other producers have had a series of five-year agreements with consuming nations to prevent price fluctuations and stabilize supplies. Last July, however, the consensus fell apart. The Reagan Administration, which does not like deals that distort free markets, declined to sign a new five-year contract...
Prices on the London Metal Exchange then began moving upward, as someone started buying large amounts of tin. At first, no one knew who the buyer was: orders were placed through Marc Rich & Co., a secretive New York commodity trading firm, and executed by Maclaine Watson & Co. Ltd. As the heavy purchases continued, it became apparent that only the world's major producers would have the muscle to control the markets, as well as the financial incentive to risk millions of dollars. Says one industry insider: "The general feeling is that Malaysia, Indonesia and Thailand got together and decided...
George Gershwin was the archetypal American composer: a Tin Pan Alley tunesmith with high artistic aspirations. The man who set the country humming Oh, Lady, Be Good and Someone to Watch Over Me also wrote more formally complex, jazz-tinged "crossover" works like Rhapsody in Blue, three Preludes for piano, and most ambitious of all, the Concerto in F for piano and orchestra...