SHANGHAI, Oct. 11 (SMM) – The sentiment in Shanghai tin market was relatively cautious on October 10th, the first trading day following the National Day holiday. Market supplies were tight as most smelters were holding goods. Mainstream tin brands during the day were Yunxi, Xiangxi, Nanshan and Jinxing. Mainstream traded prices fell between RMB 184,000-185,500/mt. Small volumes of Yunxi branded tin traded at RMB 186,000/mt. Market transactions were moderate during the day supported by regular purchases from downstream enterprises. The wait-and-see sentiment nevertheless extended its impact on the market.
A latest SMM survey shows 60% of market respondents expect domestic tin prices to further climb this week, supported by a 13% surge in LME tin prices, tin supply worries following Indonesian export ban and remaining high prices of raw materials including tin ore.
25% of market respondents expect domestic tin prices to stay at present levels this week. Though LME tin prices are facing pressures from a continuously frustrating macro environment, domestic tin prices will find support from high raw material prices and relatively tight supply.
Remaining 15% of market respondents expect domestic tin prices to fall from previous highs given falling risks in LME tin prices, weak domestic demand and impact from imported tin.