Tin Metal Shines Brightest in 2024 Commodity Market
New Delhi [India], August 18: Tin metal has emerged as the top performer in the commodity market, showing exceptional growth compared to other metals so far in 2024. According to a report from the National Stock Exchange, Tin has appreciated by a remarkable 27.2% so far this year by June 25, making it the highest increase among all commodities.
The report also noted that Silver has performed well with an increase of 21.7%. Gold is also at an all-time high but has only appreciated by 12.5% in 2024 compared to other commodities like Silver.
The report offers a comprehensive look at the annual performance of various commodities. While Tin leads with the highest increase, other metals have shown mixed results. Copper has risen by 11.3%, indicating solid growth. Zinc has also seen a notable increase of 6.6%. In contrast, Aluminum has only grown by 4.4%, showing more modest progress. Additionally, both Platinum and Palladium have faced declines. Platinum has depreciated by 1.7%, and Palladium has shown similar negative trends.
Renisha Chainani, Head of Research at Augmont – Gold for all, said, “Gold completed the week at a new all-time high, despite market expectations of a significant Fed rate drop in September. Gold has gained amid rising geopolitical tensions, as the Israeli Defense Minister stated over the weekend that Iran was still expected to undertake an assault, despite requests from Western nations to refrain from retribution.”
Commodity trading involves buying and selling various raw materials and their derivative products. These commodities cover a broad spectrum, ranging from agricultural goods to natural resources.
Doubts Revealed
Tin Metal -: Tin is a type of metal that is often used to make things like cans and coatings. It is shiny and doesn’t rust easily.
Commodity Market -: The commodity market is a place where people buy and sell raw materials like metals, oil, and food. It’s like a big marketplace for important goods.
Appreciating -: Appreciating means that something is increasing in value or price. In this case, tin metal’s price has gone up.
Silver -: Silver is a shiny, greyish-white metal used in jewelry, coins, and electronics. It is valuable and often traded in markets.
Gold -: Gold is a precious yellow metal used in jewelry, coins, and as an investment. It is very valuable and often seen as a safe place to keep money.
All-time high -: All-time high means the highest price or value something has ever reached. Gold’s price has never been this high before.
Copper -: Copper is a reddish-brown metal used in electrical wiring and plumbing. It is a good conductor of electricity.
Zinc -: Zinc is a bluish-white metal used to make things like batteries and to coat other metals to prevent rusting.
Aluminum -: Aluminum is a lightweight, silver-colored metal used in things like cans, airplanes, and kitchen foil. It is very common and useful.
Platinum -: Platinum is a rare, silver-white metal used in jewelry and industrial applications. It is very valuable and durable.
Palladium -: Palladium is a rare, silvery-white metal used in electronics and car exhaust systems. It is also very valuable.
Geopolitical tensions -: Geopolitical tensions refer to conflicts or disagreements between countries. These can affect markets and prices of things like gold.
Renisha Chainani -: Renisha Chainani is a person who works at Augmont, a company that deals with precious metals like gold and silver. She gives expert opinions on market trends.
Augmont -: Augmont is a company in India that deals with buying and selling precious metals like gold and silver. They help people invest in these metals.