SMM Daily Review - 2011/10/18 Tin Market

SHANGHAI, Oct. 19 (SMM) – The lowest traded price of Shanghai spot tin dropped below RMB 180,000/mt on October 18th as disappointing performance of LME tin during recent two days’ trading damped goods holders’ confidence to hold prices. Mainstream tin brands during the day were Yunxi, Yunxiang, Nanshan, Kaiyuan and Feidie, which mainly traded between RMB 179,000-184,000/mt. Some smelters lowered their quotations to lure buyers, but ended in failure. A few traders even moved goods below their cost so as to reduce risks when tin prices drop further. The wait-and-see sentiment strengthened among downstream enterprises amid continuously slipping prices, with transactions during this week’s trading falling from the previous week. Domestic tin prices may continue the downward move in the short term due to sparse transactions.