SHANGHAI, Mar. 11 (SMM) – In Shanghai, spot tin largely traded between RMB 138,500-142,000/mt on Monday morning, dragged down by falling LME tin. Yunxi brand tin mainly traded between RMB 141,500-142,000/mt. In the afternoon, the low-end price fell further to RMB 138,000/mt, and prices for Yunxi brand tin also moved lower to RMB 140,500-141,000/mt. Downstream producers watched from the sidelines, leaving trading bleak.
An overwhelming majority (75%) of the market players surveyed by SMM are bearish that spot tin prices will retreat below RMB 138,000/mt. First, LME tin prices suffered losses recently and may fall further. Second, anemic demand is expected to persist for the near future.
The remaining 25% expect spot tin prices to level out following Monday’s plunge. This is because LME tin prices, though down for the past days, did not lose support at USD 22,800/mt. This will help spot tin prices in China come to stabilize.