SHANGHAI, Dec. 27 (SMM) – Due to a further cut in supply, the low end of spot tin prices in Shanghai climbed on Monday, while the mainstream traded prices were little changed. Stabilizing tin prices without any upward sign led to low selling interest among smelters. Mainstream tin brands during the day were Yunxi and Yunxiang, plus small volumes of Nancang branded tin and imported tin. Yunxi and Yunxiang branded tin traded mainly between RMB 158,300-159,000/mt, comparing with RMB 158,000/mt and RMB 156,500/mt for Nancang and imported tin respectively.
In a recent SMM survey on this week’s tin prices, 44% of market respondents are cautiously optimistic, saying that the low end seems on the upward track but the high end faces strong resistance at the RMB 160,000/mt threshold. Their optimism is based on high raw material prices and stabilizing spot tin prices, which had led to low selling interest, plus transportation delays in the Chinese New Year period and downstream stock replenishment demand before the holiday. 39% of respondents expect little changes in this week’s tin prices, citing closed LME, balanced supply and demand and capital pressure at year’s end as their reasons. Remaining 17% of market respondents said tin prices may slip this week as support from demand is weak and unstable LME tin prices have damped market confidence.