SHANGHAI, Aug. 12 (SMM) – In Shanghai spot tin market, mainstream traded prices remained stable between RMB 139,500-141,500/mt on Monday. Trading activity improved in the morning, with downstream producers actively buying at RMB 139,500/mt.
Market players surveyed by SMM express mixed views over tin price movements this coming week.
An overwhelming 70% of those surveyed anticipate little change in tin prices. Upbeat Chinese economic data has boosted market sentiment, but growing geopolitical tensions are keeping investors cautious. This will keep LME tin in check within USD 22,300-22,500/mt. In domestic spot tin market, smelters will hold back goods at lows, while downstream producers will show little buying interest against poor orders, leaving spot tin prices hovering around RMB 14,000/mt.
Another 15% are bullish that tin prices will move higher. They understand that LME tin is building momentum for a rally and on track to return to near USD 22,500-22,700/mt. In China’s spot tin markets, cheap goods have largely been consumed, lending support to prices.
The remaining 15% are pessimistic that tin prices remain under downward pressure. They note that LME tin is vulnerable at USD 22,300/mt. Tin prices in domestic spot markets may fall to RMB 139,000/mt should goods from Jiangxi flood in.