SHANGHAI, Apr. 24 (SMM) – In Shanghai tin market, mainstream traded prices were between RMB 164,500-165,500/mt on Monday, and trading was light with insufficient goods supply in the market. Nanshan, Feidie and Yunxiang were mainly traded between RMB 164,500-164,800/mt, and mainstream traded prices for Yunxi and Yunheng were between RMB 164,500-165,000/mt. A few transactions for Nanshan were concluded below RMB 164,500/mt. Most goods circulating in the market were from Yunnan province. Goods supply remained limited as smelters’ selling interest stayed low. Traders replenished cautiously due to the remaining low tin prices. Tin demand downstream was still unimproved, leaving trading market muted.
According to a survey concerning tin market outlook this week, since LME tin prices are expected to stabilize and edge up slightly, plus the limited supply in the market which will help support tin prices, 65% market players believe tin prices should be stable this week.
The remaining 35% investors hold spot tin prices may continue to fall this week, considering the possible pullback of LME tin prices and soft demand. HSBC reported China’s PMI data was still below 50, indicating sluggish demand in the country and depressing market sentiment. Combined with the remaining impact of other negative news, LME tin prices would still likely drop. On the other hand, as demand stayed weak, price cuts were not able to boost trading. With pessimism prevailing in the market, these investors are not optimistic to the tin price movement this week.