SHANGHAI, Nov. 8 (SMM) – Shanghai spot tin prices were little changed on November 7th. More tin brands were seen during the day. Yunxi, Yunheng and Yunxiang branded tin was traded between RMB 179,500-181,500/mt. Small volumes of branded tin from Jiangxi and Jiangsu were traded near RMB 178,500/mt. A few smelters moved goods at lower prices, but mainstream traded prices did not change. The wait-and-see sentiment still prevailed among most smelters, with their quotations held firm. Market transactions were slightly limited. Downstream demand did not show any sign of improvement. Tin prices therefore still faced downward pressures.
In a latest SMM survey, 60% of market respondents expect domestic tin prices to be stable this week. They expect LME aluminum to exhibit a breakthrough, but will not see a straight up as the global economic environment is still far from stabilized with the European debt crisis waiting for detailed measures while China has shown signs of monetary easing. Domestic tin prices may also stay at current ranges as low selling interest of smelters will offset weak demand.
The remaining 40% of market respondents expect a decline in this week’s domestic tin prices. From what we have seen today, investors’ confidence is not strong as a few secondary tier smelters have already lowered their quotations. LME tin prices have not shown any breakthrough this week, and weak demand will possibly drag down domestic tin price.