Shanghai tin prices hit a new high and warehouse receipt inventory accumulated substantially [selected SMM tin weekly report]

"SMM Tin Industry chain Weekly report" is released. SMM will select hot topics, prices, quotations or major changes in the industry chain and release information for your reference.

The following is an excerpt from the weekly report of SMM tin industry chain:

Shanghai tin showed a strong trend in 2202 weeks, with a cumulative weekly price increase of 3.77% and a total increase or decrease of-6840 hands by the close of trading on Friday. Lunxi's price trend has been strong with domestic Synchronize this week, closing at $40600 a tonne on Thursday, with a weekly volatility of + 1.95 per cent as of press time. The Shanghai-Lun ratio fluctuated to around 7.59. As of Friday, Lunxi inventory 2150 tons, LMEcash contract to maintain a rise of about 371 U.S. dollars / ton.

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Spot market: supply side, according to SMM research, it is known that the comprehensive operating rate of smelters in Yunnan and Jiangxi provinces this week fluctuated less than last week, and the overall production performance of the smelter is relatively stable. According to the previous research results, it is speculated that starting next week, as the Spring Festival holiday approaches, some smelters that stopped production before the end of the year will gradually transition to a state of holiday, and SMM expects that the operating rate of the smelter will gradually decline from next week.

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Import and export: the domestic import profit window remains open and the recent Hulun price comparison analysis is expected to expand import profits. therefore, with the gradual resumption of production by overseas smelters, whether imported products can change the current tight state of domestic inventory needs continuous attention.

On the demand side, according to SMM research, the sample operating rate of downstream solder enterprises continued to rise in December compared with November, indicating that the demand for end customers' stock before the year was not as good as that of the same period in previous years. However, the willingness to prepare goods for rigid demand has not been significantly affected by the rise in tin prices. It is expected that the operating rate of enterprises will gradually decline in January as the holiday approaches, and it may be expected that demand will be weak in the short term.

Market forecast: the trend of Shanghai and tin is strong this week, and the price refreshes the contract high again to reach a high of 318540 yuan / ton. From the perspective of financial performance, the strong rise in prices attracted only a small amount of capital, indicating that the market is still afraid of heights. Subsequently, prices fell continuously and funds left the market significantly, which also proved that long-short funds are still inclined to short-term speculative thinking at this stage, and the willingness to hold positions is weak. Therefore, in the context of weak supply and demand, the pre-holiday trend will most likely remain stable, while with the delivery of products entering the market next week, the spot shortage is expected to be alleviated, and the trend may decline slightly next week.

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Catalogue of "SMM Tin Industry chain Weekly report" in this issue

Main points of this issue's weekly report

Futures trend

Spot market

Review of tin ingot market

Summary of Raw material Market

Profit and loss on import and export of refined tin

Outlook for the future

[China Tin Industry chain High-end report] China Tin Industry chain monthly report includes macro interpretation, monthly tin price review, interpretation of hot events such as various sections of the tin industry chain (tin ingots, tin mines), and future forecasts, and Synchronize releases monthly relevant enterprise operating rate and inventory survey data, covering the entire tin industry chain.

[China Tin Industry chain routine report] China Tin Industry chain Weekly report includes macro interpretation, weekly tin price review, market trends such as various sections of the tin industry chain (tin ingots, tin mines), weekly social inventory, and future forecasts. a comprehensive interpretation of the tin market during the week.