SHANGHAI, Feb. 28 (SMM) – Spot tin traded mainly between RMB 173,000-175,000/mt in Shanghai on Monday. Trading was slightly active at the low end but quiet at the high end. Kaiyuan branded ingots due to arrive today were traded RMB 172,800-173,000/mt. Jinhai, Yunshan and Yunxiang struck deals between RMB 173,000-174,000/mt while Yunxi and Yunheng concluded transactions between RMB 174,000-175,000/mt. While the low end climbed further following previous climbs to RMB 173,000/mt, buying interest downstream was low.
In an SMM survey on this week’s tin prices, 50% market players covered expect stability, citing stability in LME tin prices, low selling interest at low prices and weak downstream demand. 30% respondents said the metal face downside risks due to strong resistance at USD 24,000-24,200/mt for LME tin, weak demand and a possible injection of lower-priced goods by Jiangxi smelters. Remaining 20% respondents expressed optimism which is based on stability in LME tin prices, stock replenishing demand as well as limited supply.