SHANGHAI, Aug. 30 (SMM) – With higher closing LME tin prices on August 26th and relatively tight supply, domestic spot tin prices closed higher on August 29th, with mainstream Yunxi, Nanshan and Kaiyuan etc. branded tin mainly trading at RMB 194,500-195,500/mt. Overall market transactions were slightly sluggish as downstream buyers purchased at lower prices on August 26th.
A recent SMM survey shows 40% of market respondents expect tin prices to maintain stable this week, since market confidence from rebounding LME tin prices will be offset by weak consumption and impact of imported tin. 35% of respondents expect a downward trend for tin prices as inflow of imported tin will further weaken consumption of domestic tin, thus pressing down domestic tin prices. Remaining 25% of market players are optimistic towards domestic tin prices as a result of higher market confidence backed by rebounding LME tin prices and relatively tight supply.