SHANGHAI, Jun. 10 (SMM) – In Shanghai physical tin market, mainstream traded prices remained stable between RMB 139,000-140,500/mt on Monday. Small amounts of Weitai, Jinlong and Nanshan brand tin traded around RMB 138,800/mt. Large smelters refused to sell at lower prices, while downstream producers refrained from buying at higher prices, undermining trading activity.
70% of the market players surveyed by SMM expect spot tin prices in Shanghai to hold steady between RMB 139,000-140,500/mt this week. These market players believe that LME tin will remain range-bound, keeping tin prices in Shanghai in check as well.
The remaining 30% fear that spot tin prices are under downward pressure. First, LME tin prices have lost technical support, not boding well for tin prices in Shanghai. Second, most smelters said they are plagued by poor sales.