SHANGHAI, Jun. 4 (SMM) – Spot tin prices in Shanghai were between RMB 139,000-140,500/mt, with RMB 139000/mt for Yunxiang, Nanshan and Jinlong branded tin. Due to sluggish demand, transactions were quiet. Smelters mostly held goods, leaving supply limited, while downstream consumption did not improve due to the low-demand season for tin.
SMM undertook a survey with regard to tin price trends this week and found that 60% believe spot tin prices will fall to RMB 138,500/mt, and LME tin prices will consolidate. Falling spot tin prices on Tuesday reflected soft demand. Besides, smelters will increase goods supply this week, which will weigh on tin prices.
40% believe tin prices will level out to move between RMB 139,000-141,000/mt. they think tin prices will not fall further given stable LME tin prices and market sentiment. Besides, smelters will not move goods in large amount as cash flow tightness eased at the beginning of the month, while downstream buying interest will improve, which will help stabilize tin prices.