SMM Tin Market Daily Review (2015-3-9)

SHANGHAI, Mar. 10 (SMM) – Trading activity in Shanghai spot tin market picked up on Monday. Traders became active in stockpiling goods, and some processors also entered the market out of bullishness. This allowed mainstream traded prices to rise to RMB 122,500-126,500/mt. Jinlong and Yunshan brand tin traded between RMB 122,000-122,500/mt, RMB 122,500/mt for Nanshan brand, and RMB 124,000-125,000/mt for Yunheng and Yunxi brand tin. 

 

SMM’s recent survey of market players in China’s tin industry reveals the following results: 

 

Half of them expect tin prices in domestic market to hold stable this week. Firm US dollar will deprive LME tin of upward momentum, which in turn will prevent tin prices in China to go up. 

 

Another 30% are bullish: LME tin has found solid support at USD 18,000/mt, and looks set to rise slightly. Smelters in China will hold back goods at lows, and demand is expected to pick up as the holiday sentiment fades, also boding well for tin prices. 

 

The remaining 20% are bearish: a strong US dollar will weigh on LME tin; falling demand will force smelters in domestic market to cut offers to promote sales.