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

Published: Oct 27, 2015 10:23

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In Shanghai spot tin market, pullback in SHFE tin and price cut by a large smelter soured market sentiment.

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.

Sn price Shanghai tin prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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