SHANGHAI, Jan. 8 (SMM) -- On Wednesday night, LME tin prices continued to climb at USD 17,850/mt, with daily increase by USD 275/mt. On Thursday, although LME tin prices experienced corrections along with other base metals, prices still received support at 5-day moving average and fluctuated in the USD 17,400-17,600/mt range. However, KDJ index indicated unclear trend, and close attention should be paid whether momentum would remain on upward track or not.
In the Shanghai tin market, upstream suppliers' optimistic views towards tin prices increases were further stimulated by the steady climb of LME tin prices on Wednesday night. Suppliers continued to lift offers above RMB 130,000/mt, totally ignoring the low price acceptance from downstream consumers. In contrast, purchasers hesitated to make purchase when offers were above RMB 130,000/mt, since many of them had already replenished stocks along with steadily soaring tin prices. On Wednesday, there were only few transactions in the market with traded prices around RMB 131,000/mt. Major brands circulating in the market were mainly from Yunnan Tin Group and Yunnan Gejiu Zili Metallurgy.
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