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SMM Daily Review - 2011/6/27 Tin Market
Jun 28, 2011 09:05Source:SMM
SHANGHAI, Jun. 28 (SMM) –In Shanghai tin spot markets, prices continued to fall on Monday. Despite signs of stabilizing LME tin prices, domestic prices still kept falling due to continuously weak consumption, only with a slower pace. Transactions for Yunxiang and Nanshan branded tin were made at RMB 190,500-190,700/mt, and some tin from Yunnan Tin Group traded between RMB 191,000-193,000/mt, with mainstream prices approaching RMB 190,000/mt. Transactions remained muted on Monday.
76% of market players believe tin prices will continue to fall this week, due to unstable LME tin prices still struggling at USD 25,000/mt, and due to a stronger US dollar index. What’s more, LME tin prices likely drop further over the near term, which should weigh down on base metals. 20% of market players predict domestic prices to kept fluctuating at current levels in the short term, with support above RMB 190,000/mt.
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