SHANGHAI, Jul. 23 (SMM) – In Shanghai spot tin markets, traded prices fell on Monday due to increasing supplies for resources quoted at low prices. Traded prices were mainly at RMB 136,500-138,300/mt in the morning, with most goods traded in the market from Yunshan and Kaiyuan. Prices fell further in the afternoon, with some Jiangxi’s brands quoted at RMB 136,000/mt. However, trading was still quiet and the low prices added to wait-and-see sentiment in the market.
SMM conducted a survey on tin prices trends this week, finding that 65% of market players surveyed believe spot tin prices will remain stable as LME tin prices are expected to move in a narrow range. Despite an increase in low-priced goods, some believe supply will remain limited if LME tin prices hold steady, which will help restrict any decline in spot tin prices.
25% of market players expect spot tin prices to fall this week, noting that LME tin will fall further after consolidating for a long time around USD 19,300/mt, with the support at the level becoming fragile. The weak consumption in spot tin markets will cause a decline in prices once LME tin prices move down. Combined with the increasing low-priced resources, spot tin prices will be less resilient this week.
The remaining 10% investors expect spot tin prices to edge up influenced by the upward trends of other base metals. These investors believe LME tin prices will rise due to the impact of other base metals, and cargo holders in domestic spot tin markets will raise prices should LME tin prices increase, leading spot tin prices to edge higher.