SHANGHAI, Mar. 4 (SMM) – In Shanghai, spot tin largely traded between RMB 141,500-143,500/mt on Monday. Yunxi brand tin was offered higher at RMB 144,000/mt, but gained no favor. Demand from downstream producers remained soft.
40% of the market players surveyed by SMM expect tin prices to remain essentially unchanged this week. First, LME tin prices have gained strong support from continuously falling LME tin inventories. Second, smelters in Jiangxi resumed production only recently, so goods available on the market will be limited.
Another 40% are worried that tin prices may fall back this week. First, LME tin prices will likely retreat to USD 23,000/mt on negative Chinese economic data released this past weekend, Ukraine political instability and risk aversion ahead of the upcoming CPC and CPPCC sessions. Second, demand in China’s physical market will remain tepid.
The remaining 20% believe LME tin will rise to USD 24,000/mt and that spot tin prices in China will follow LME tin up as well.