SHANGHAI, May 10 (SMM) – About 45% of Chinese tin smelters surveyed by SMM expect tin prices to fall this week.
Disappointing US April non-farm payrolls will dampen market sentiment. A series of recent Chinese economic data have been negative. So, LME tin will look for support at USD 17,000/mt or USD 16,700/mt. Tumbling ferrous metals prices and poor China economic data sent down base metals prices on Monday. SHFE 1609 tin should look for floor at RMB 110,000/mt or RMB 108,000/mt. Weak tin futures prices and downstream demand will drag spot tin in Shanghai down to RMB 109,500-112,000/mt.
Another 35% expect tin prices to stabilize. While market sentiment has turned bearish, LME and SHFE tin have held relatively firm. Tight global tin supply will leave LME tin steady at USD 17,000-17,500/mt. SHFE 1609 tin will consolidate at RMB 110,000-113,000/mt. Limited supply before delivery of SHFE 1605 tin will leave spot tin in Shanghai stable at RMB 110,500-113,000/mt.
The rest 20% expect SHFE 1609 tin to challenge resistance at RMB 114,500/mt before delivery of SHFE 1605 tin, due to long buying. LME tin will move at USD 17,300-17,500/mt. Spot tin prices in Shanghai will rise to RMB 111,000-113,500/mt.