SMM Tin Market Daily Review (2015-10-26)

SHANGHAI, Oct. 27 (SMM) –In Shanghai spot tin market, pullback in SHFE tin and price cut by a large smelter soured market sentiment. This sent mainstream traded prices down to RMB 95,500-96,500/mt on Monday. Goods from Yunnan Tin Group traded at RMB 96,000-96,500/mt.

SMM’s latest survey of market players in domestic tin industry reveals the following results:  

40% of them expect SHFE tin to stabilize between RMB 97,500-98,500/mt and LME tin to stabilize between USD 15,500-15,800/mt this week. These market players said that tin ore prices in China have come to stabilize, which will offer support to tin prices. 

The rest 60% are bearish. LME tin has met resistance at USD 15,800/mt, and will test support at USD 15,500/mt, dampening market sentiment. Spot tin prices in Shanghai lost RMB 500/mt to RMB 95,500-96,500/mt on Monday. One large smelter in Yunnan cut prices, prompting other smelters to follow suit. SHFE tin will follow LME tin down to RMB 97,000/mt. Spot tin prices in China will fall below RMB 95,000/mt, with the downside space limited due to support from tin ore prices.