SHANGHAI, Jan. 10 (SMM) – Due to tight supply, spot tin prices surged further in Shanghai on Monday, with mainstream Yunxi, Jinhai and Nanshan branded tin trading between RMB 164,000-165,500/mt. Ex-works prices of Yunxi and Yunheng branded tin were also lifted for times with continually climbing prices. The metal seems will stay on the upward track in the near term supported by tight supply.
In a most recent SMM survey, 60% of market respondents expect tin prices to climb further this week. Their optimism is mainly based on tight supply, goods holders’ bullish sentiment, higher quotations and stock replenishment demand ahead of the Chinese New Year. 30% of respondents think this week’s tin prices will stabilize as downstream demand remains unimproved, LME tin prices are volatile and resistance at the RMB 165,000/mt mark from downstream is strong. Remaining 10% of respondents say tin prices face downside risks this week because previous gains are mainly results of speculation using tight supply.