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45% Chinese Tin Smelters Expect Tin Prices to Consolidate at Highs This Week, SMM Survey
Jul 12,2016 10:04CST
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Source:SMM
SMM’s survey of major Chinese tin smelters over their opinions on this week’s price outlook shows the following results.

SHANGHAI, Jul. 12 (SMM) – SMM’s survey of major Chinese tin smelters over their opinions on this week’s price outlook shows the following results. 

About 45% of them expect spot tin in Shanghai to remain at highs of RMB 115,000-118,000/mt on mixed factors. On the one hand, tin consumption is poor in the on-going offseason. On the other hand, hopes for monetary stimulus in China and positive US employment data will boost investor confidence. LME tin should hold firm at USD 17,500-18,000/mt and SHFE 1609 tin should stay at highs of RMB 118,000-119,000/mt.   

Another 40% expect spot tin in Shanghai to rise to RMB 118,000-121,000/mt. SHFE 1609 tin has gained a lot of favor from investors, and should rise to RMB 117,500-121,000/mt after last week’s big corrections. LME tin will advance to USD 18,000-18,200/mt.  

The rest 15% are bearish that LME tin will fall to USD 17,200-17,500/mt, citing a strong US dollar from positive employment data. SHFE 1609 tin will drop to RMB 110,000/mt if it loses support at the 20-day moving average, with prices expected at RMB 111,000-114,000/mt. Should tin futures prices fall as expected, spot tin in Shanghai will fall to RMB 111,000-113,500/mt. 





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