SHANGHAI, Apr. 14 (SMM) – In Shanghai spot tin market, mainstream traded prices fell further to RMB 113,500-117,000/mt on Monday. Smelters rushed to sell at lower prices out of pessimism. Falling prices drove many buyers into a wait-and-see posture.
SMM surveyed market players in domestic tin industry.
65% of them expect tin prices to hold stable this week: LME tin is expected to hover around USD 16,500/mt. SHFE 1507 tin contract might find support at RMB 115,000/mt in thin trading. Prices in domestic spot market are expected to stabilize around RMB 115,000/mt, due to correction after dramatic declines.
The remaining 35% are bearish: LME tin will test support at USD 16,300/mt, due to a strong US dollar and falling crude oil. SHFE 1507 tin contract will be vulnerable at RMB 115,000/mt, due to massive entry of bears. Prices in domestic spot market might fall towards RMB 110,000/mt mark, due to selloffs.