By Yoga Rusmana
May 20 (Bloomberg) -- PT Timah, the world’s second-largest tin producer, expects prices of the metal to top $15,000 a ton in the second half of the year, Corporate Secretary Abrun Abubakar said.
The Indonesian company may sell about 46,000 tons of the metal this year, Abubakar told reporters in Jakarta today. Timah sold 46,438 tons of the metal in 2008.
“Prices will stabilize in the second half as economic conditions are improving,” Wachid Usman, the company’s president director, said.
Tin for three-month delivery on the London Metal Exchange rose 2.5 percent to close at $13,650 a ton on Tuesday.
The state-owned company would allocate 700 billion rupiah ($68 million) for capital spending this year compared with 1.4 trillion rupiah in 2008, Abubakar said.
To contact the reporter on this story: Yoga Rusmana in Jakarta at yrusmana@bloomberg.net
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