Last Night SHFE Tin Prices Fluctuated Downward, Likely to Maintain a Fluctuating Downward Trend [SMM Tin Morning Brief Dec 24]

In yesterday's night session, the price of the most-traded SHFE tin contract showed a fluctuating downward trend. After the opening, constrained by resistance levels above, it failed to achieve an effective breakout. Subsequently, in the absence of new bullish news, bullish sentiment in the market gradually weakened, with bearish forces gaining the upper hand and driving prices lower. From a technical perspective, the price of the most-traded SHFE tin contract yesterday was suppressed by the 5-day moving average, while the 10-day moving average provided some support below. The MACD indicator showed a shortening of red bars, indicating a weakening of bullish momentum. The KDJ indicator formed a death cross in the overbought territory, suggesting a further correction in prices.

In the spot market, tin prices followed the trend of the futures market and also declined. On the demand side, downstream enterprises showed moderate purchase willingness, mainly purchasing as needed. Due to the decline in SHFE tin futures prices, some downstream enterprises restocked at lower levels, but overall procurement volume did not see a significant increase.

In summary, the price of the most-traded SHFE tin contract fluctuated downward yesterday, with spot market tin prices following suit. Given relatively ample supply and limited demand improvement, SHFE tin prices are expected to maintain a fluctuating downward trend in the short term.