SHANGHAI, Nov. 20 (SMM) – In Shanghai tin market, spot tin prices remained flat with last Friday with mainstream traded prices at RMB 147,200-148,000/mt. Some cargo holders reported no transaction. As LME tin prices fluctuated narrowly and spot lead prices gained some support from the decreasing goods supply, narrowing the price range and fueling wait-and-see sentiment in the market. A latest survey showed that orders at tin solder enterprises did not improve, some even reported declining orders, resulting in the weakening tin market.
SMM’s survey showed that 60% market players believe tin prices will hold steady this week. Spot tin prices stopped falling last week and remained relatively stable due to fewer goods available to the market. LME tin prices have been between USD 20,200-20,550/mt for over two weeks with the price range narrowing with support at USD 20,200/mt, but resistance at USD 20,500-20,600/mt was still strong. In this context, prices may not show significant change without any impetus from important news. As such, spot tin prices in China’s domestic spot markets will find support from limited supply if selling interest at smelters remains low. Meanwhile, tin prices will unlikely increase as downstream consumption will still be soft.
40% investors believe tin prices will fall this week. As spot goods supply in the market was relatively tight, especially for non-leading brands, if these smelters began selling goods, easing the tight supply, tin prices should drop again given the sluggish demand.