According to market news, the civil turmoil in Myanmar is currently tense or escalating. This news stimulates market sentiment and drives up tin prices. Today, SHFE and LME tin shot up at the start of the day, with SHFE tin once rising 3.38% and LLME tin once rising 3.79%. As of the close of the day, SHFE tin rose 2.67%, and LME tin rose 2.53% as of CST 15:19.
However, market fundamentals do not support such big price spike. Supply has been plentiful recently, and demand has been weak. Electronics orders did not improve notably, and PV demand is not as strong as expected.
To sum up, the price rise was primarily fuelled market sentiment. We should keep a close eye on how the situation in Myanmar and future consumption.
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