SHANGHAI, Apr. 29 (SMM) – In Shanghai physical tin market, mainstream traded prices were essentially unchanged at RMB 141,500-142,500/mt on Monday. Downstream producers increased raw material purchases slightly ahead of the upcoming three-day holiday. Goods available in the market came largely from Yunnan.
An overwhelming 80% of the market players surveyed by SMM see spot tin prices in China little changed between RMB 141,500-142,500/mt this week. First, investors will stay alert ahead of US non-farm employment report and the Fed’s policy decision, which will keep LME tin in check. Second, falling supply of second- and third-tier brand tin will put a floor under prices, while weak downstream demand will prevent prices from rising.
Another 10% believe downstream demand will pick up ahead of the three-day holiday, which will push prices up.
The remaining 10% are bearish that LME tin will fall back, which will drag spot tin prices in China down as well.