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SMM Tin Price Forecast (Feb. 20-24)

iconFeb 20, 2012 15:22
Source:SMM
Spot tin prices dropped further to RMB 173,000-177,000/mt last week in Shanghai, with the SMMI.Sn index dropping 1.94% on a weekly basis.

SHANGHAI, Feb. 20 (SMM) -- Following a slide to below RMB 180,000/mt in the previous week, spot tin prices dropped further to RMB 173,000-177,000/mt last week in Shanghai, with the SMMI.Sn index dropping 1.94% on a weekly basis. Trading was quite light in the week due to renewed uncertainties in the Greek debt crisis. Tin price was quite sensitive to development in the macroeconomic side as supply turned normal after smelters resumed production while downstream demand stays weak. Goods holders were open to deals but downstream businesses mostly were slowly consuming stocks built ahead of Chinese New Year with operating rates held low. Rare deals during the week fostered an insight among goods holders that traded volume will not improve even after tin prices drop.
 

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