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SMM Tin Market Daily Review (2015-6-23)
Jun 24,2015 10:07CST
price review forecast
Source:SMM
In Shanghai spot tin market, mainstream traded prices rose to RMB 113,500-115,000/mt on June 23, lifted by strong SHFE tin and limited supply.
SHANGHAI, Jun. 24 (SMM) –In Shanghai spot tin market, mainstream traded prices rose to RMB 113,500-115,000/mt on June 23, lifted by strong SHFE tin and limited supply. Trading was moderate. Goods from Yunnan Tin Group traded at RMB 114,500-115,000/mt.  
 
SMM surveyed market players in domestic tin industry. 
 
35% of them are bullish over tin prices this week: LME tin will challenge resistance at USD 16,000/mt, SHFE 1507 tin contract will test resistance at RMB 115,000/mt. Smelters have been holding back goods, helping prevent tin prices from falling. Yunnan Tin Group, China Tin Group and smelters in Jiangxi cut or halted production, cutting market supply. This will allow spot tin in domestic market to rise to RMB 115,500-116,000/mt.   
 
Another 45% expect tin prices to hold stable this week: LME tin has found solid support at USD 15,000/mt due to easing Greek debt issue. SHFE tin will follow the movement of LME tin and range RMB 113,000-115,000/mt. Tin prices in spot market will lack upward momentum unless SHFE tin prices move higher. 
 
The rest 20% are bearish: a strong US dollar will weigh on LME tin. Despite tight supply, weak demand will send tin prices in domestic spot market down below RMB 113,000/mt. 
 
 
 
 
 
 
Shanghai tin prices

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