SHANGHAI, Jan. 4 (SMM) – In Shanghai tin market, mainstream traded prices were between RMB 152,000-153,500/mt on December 31 with trading light ahead of the New Year holiday. Yunxiang was traded at RMB 152,000/mt, and a few brands from Jiangxi were mainly traded at RMB 151,500/mt. Traded prices for leading brands in Yunnan were RMB 153,000-153,500/mt.
According to an SMM survey, 50% market players expected spot tin prices to remain stable this week. Many traders are closed for holiday with only two trading days this week, and some buyers had already replenished stocks before the holiday. Thus, transactions should not be brisk on Friday. Besides, spot tin prices will unlikely gain strong support from LME tin prices given a lack of buying support.
25% market players believed spot tin prices should continue to rise, expecting the progress for the US fiscal cliff talks to give a boost to LME tin prices, driving up spot tin prices.
The remaining 25% investors expected spot tin prices to fall, pointing out that LME tin prices may be dragged down if no result is reported for the US fiscal cliff talks. Besides, purchases in domestic spot markets should be sparse with most buyers already completing replenishment last week. As such, these market players believed tin prices will drop this week.