SHANGHAI, Jan. 22 (SMM) – Spot tin prices in Shanghai were mainly between RMB 159,500-160,000/mt on Monday. Some brands were traded at RMB 159,000/mt, while a few goods of Yunxi were traded at RMB 160,500/mt. Quotation for Yunxi was held firm at RMB 164,000/mt. LME tin prices lacked impetus to rise, triggering market concerns on price decrease, combined with weak consumption, spot tin prices came under downward pressure.
SMM’s survey reveals that 40% market players believe spot tin prices will fall this week. LME tin prices failed to rise further and will unlikely break through the resistance at USD 25,200/mt, igniting market expectation for a pullback in LME tin prices. Plus the softening consumption in spot market, spot tin prices will be dragged down.
35% market players expect spot tin prices to remain stable. LME tin prices may be difficult to rise above the USD 25,200/mt mark, leaving little support for spot lead prices. However, these market players anticipate downstream buyers to start replenishing goods for the Chinese New Year holiday, which may drive up tin demand in spot market and help bolster spot tin prices. In this context, spot tin prices are expected to remain stable.
25% investors believe spot tin prices may continue to rise this week, noting that LME tin prices may rise later this week after amassing motive power during the corrections. Market sentiment will be boosted if LME tin prices increase, combined with the maintenance of Yunnan Tin Group and replenishment expected ahead of the holiday, smelters will continue to hold prices high, and traders will also hike their quotations, offering room for spot tin prices to rise.