SHANGHAI, May 8 (SMM) – In Shanghai tin market, mainstream traded prices were between RMB 162,000-164,500/mt on Monday, with a few transactions made at RMB 161,500/mt in the afternoon. Spot market further depressed due to the falling LME tin prices. Nanshan, Jinlong were mainly traded between RMB 161,500-162,000/mt, while most transactions for Yunxiang and Yunxi were concluded between RMB 162,500-163,500/mt. Low-end prices staged further downtrend. Weak LME tin price and strong wait-and-see sentiment left trading modest.
With respect to the market outlook, 90% of market players believe tin prices should fall further this week. The continuous declines in LME tin prices depressed market confidence, coupled with the remaining poor orders at enterprises downstream, buying willingness was still low in spot tin market. Given the lackluster trading, dealers were not optimistic on market outlook. Lower selling interest among most smelters did not help boost tin prices. However, many market players still hold that prices should gain support at the RMB 160,000/mt level. In this context, the decrease of tin prices should be limited this week.
10% of market players believe tin prices will remain stable this week, noting that goods circulating in the market will be fewer since smelters were not actively moving goods. Besides, spot prices may obtain certain support if LME tin prices hold at USD 21,500/mt.