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SMM Tin Market Daily Review (2014-6-23)
Jun 24,2014 09:07CST
price review forecast
Source:SMM
In Shanghai physical tin market, mainstream traded prices remained stable between RMB 138,000-140,000/mt on Monday.

SHANGHAI, Jun. 24 (SMM) – In Shanghai physical tin market, mainstream traded prices remained stable between RMB 138,000-140,000/mt on Monday. Buyers bought on an as-needed basis out of bearishness and against the off-season.

70% of the market players surveyed by SMM expect spot tin prices in Shanghai to hold stable between RMB 138,000-140,000/mt this week. On the one hand, demand will remain tepid, dampening any chance for a rise in tin prices. On the other hand, smelters will hold back goods at lows, preventing prices from falling.

Another 20% are bearish that spot tin prices in Shanghai may follow LME tin down below RMB 138,000/mt this week.

The remaining 10% believe that spot tin prices in Shanghai will break through RMB 140,000/mt for two reasons. First, HSBC’s flash China manufacturing PMI for June came in positive. Chinese Premier Li Keqiang reaffirmed his confidence that China will be able to accomplish the 7.5% GDP growth target for this year, boosting confidence over demand in the world’s top metals consumer. Second, smelters will refrain from selling at low prices, keeping supply limited. 
 

Shanghai tin prices

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