Social Inventory of Tin Ingots by Region on November 15, 2024 [SMM Data]

According to the SMM survey, as of last Friday, the total social inventory of tin in the three regions surveyed by SMM was 10,570 mt, an inventory buildup of 105 mt compared to the previous week.

At the beginning of the week, due to stronger-than-expected economic data released by the US, the US dollar index showed an upward trend. This change exerted significant pressure on SHFE tin prices, as market expectations for a US Fed interest rate cut correspondingly weakened, allowing the US dollar to continue its rebound. Against this backdrop, the non-ferrous metals market was under comprehensive pressure, with SHFE tin opening lower and continuing to decline, remaining in a weak range. By mid-week, as expectations for the recovery of tin ore supply gradually strengthened, tin prices still failed to find effective support. Market sentiment was generally weak, and the support from bargain hunting was relatively limited, further pushing tin prices down slightly. Notably, the spot market was extremely active last week, with many downstream enterprises actively engaging in large-scale restocking operations. The daily trading volume of trading companies saw a significant increase compared to the previous week, and spot premiums/discounts also showed a slight upward trend. In summary, the restocking demand of downstream enterprises was basically met this week, and the trading atmosphere in the spot market was very lively.