SHANGHAI, Mar. 12 (SMM) – In Shanghai tin market, spot prices were mainly between RMB 154,500-156,000/mt on Monday with trading light. LME tin prices continued to increase last Friday, but failed to give any support to spot tin prices in China. Despite limited supplies, weak transactions weighed down spot prices.
SMM survey showed that 45% industry insiders believe tin prices will remain stable this week. LME tin prices are stabilizing, but still under resistance which will limit the increase, combined with the depressed demand, these investors expect tin prices to remain flat.
35% market players believe spot tin prices will continue to fall this week. Although LME tin prices are unlikely to fall further in the short term, upward room should be limited, which will also hurt market sentiment in domestic market. Besides, the weak demand will prevent tin prices from rising. As such, spot tin prices are expected to fall further even though LME tin prices present no decline.
The remaining 20% investors believe tin prices will edge up, expecting LME tin prices to break above USD 23,800-24,000/mt, which may give a boost to market and help improve transactions.