SMM Tin Market Daily Review (2014-3-17)

SHANGHAI, Mar. 18 (SMM) – In Shanghai’s physical tin market, traded prices were reported between RMB 139,000-141,000/mt on Monday. Nanshan and Jinlong brand tin traded at the lower end of the price range, while Yunxi brand tin traded at the higher end of the price range at RMB 140,000-140,500/mt. Overall trading was modest.

An overwhelming majority (75%) of the market players surveyed by SMM anticipate little change in this week’s spot tin prices. First, LME tin prices may be range-bound around USD 23,000/mt, regardless of violent swing in other base metals. Second, small and medium smelters will hold back goods against falling prices, lending some support to tin prices.

The remaining 25% are bearish toward spot tin prices this week. First smelters in Jiangxi and Yunnan may become more aggressive in selling, which will add to oversupply pressure and drag tin prices down. Second, LME tin prices have shown no signs of stabilizing.