SHANGHAI, Jan. 29 (SMM) – In Shanghai tin market, mainstream traded prices were between RMB 157,500-158,500/mt Monday morning with trading quiet. Leading brands were traded at RMB 158,000-158,500/mt, while other brands were traded at RMB 157,500/mt. In the afternoon, transactions improved slightly, as downstream buyers started to enter the market. Resources quoted around RMB 157,500/mt were limited. Deals were mainly made at RMB 158,000/mt with cargo holders unwilling to move goods.
SMM survey shows that 40% market players expect spot tin prices to remain flat this week. LME tin prices will still be bolstered by the 20-day moving average and fluctuate at high levels. Despite the approach of the Chinese New Year holiday, downstream consumption remains unimproved, negatively affecting tin prices. However, the high LME tin prices and low selling interest of cargo holders will lend some support to spot tin prices.
35% market players believe spot tin prices will edge up this week. Goods quoted around RMB 157,500/mt were sparse Monday afternoon, with trading improving slightly and some cargo holders reluctant to sell goods. In this context, about one third investors believe spot tin prices should find some support and remain above RMB 158,000/mt, but the increase should be limited.
25% investors expect tin prices will fall due to the continued correction of LME tin prices and a lack of replenishments downstream.