SMM Tin Weekly Review and Forecast (29 Jul. – 2 Aug. 2013)

SHANGHAI, Jul. 29 (SMM) – Spot tin prices extended the declines last week, with mainstream traded prices at RMB 135,000-137,000/mt last Friday, down RMB 2,000/mt from a week ago. Low-priced resources in spot markets increased as small and medium smelters, including Nanshan, Jinlong, Yunxiang and Weitai, all reported supplies, driving down spot prices. Consumption remained soft despite lower prices. Prices for goods of Yunnan Tin Group were relatively resilient due to limited supplies. Smaller smelters were willing to sell goods, but downstream buyers were reluctant to purchase due to poor orders. Traders were also cautious due to disappointing sales.