SHANGHAI, Feb. 5 (SMM) – In Shanghai tin market, spot prices were mainly between RMB 161,000-162,500/mt on Monday with trading lighter. Most traders stopped supplying goods, and smelters, except Chengfeng and Yunnan Tin Group, stopped making quotations. Downstream enterprises also closed for holiday, leaving transactions few.
With respect to tin prices this week, 60% market players believe spot prices should continue to rise. LME tin prices rallied again and are expected to touch previous high. In domestic market, most sellers have stopped supplies, and several traders still selling goods held quotations firm with bullish outlook. As such, these investors expect spot tin prices to rise this week.
40% market players expect spot tin prices to remain flat. Although LME tin prices increased, resistance at the high level previously seen is strong, so prices may hover at high levels. Besides, trading in domestic spot tin market will be sparse. In this context, upward room for tin prices will be limited if LME tin prices fail to break through the previous high, leaving spot prices flat.