[2020.2.24 Summary of Xichen Association] after the gradual recovery of logistics in Tin City, the rise in tin prices may be restrained in the short term after the recovery of logistics.

SMM2, 24th:

Supply and demand:

In terms of the outer disk, the Lunxi electronic disk remained in the vicinity of $16500 / ton last week, and was under pressure below the Brin channel at the daily and weekly levels, with a stable center of gravity. Lunxi rose today, breaking the Japanese line level Brin channel track suppression, short-term attention to whether Lunxi can stabilize above the Brin belt track, the upper resistance is expected to be around 16800 US dollars / ton.

Domestically, the center of gravity of the Shanghai tin main force 2006 contract moved up last week, but it is still under pressure below the middle track of the Brin belt. After the opening of early trading today, the long position, short departure, Shanghai tin rag forest belt in the middle of the track 136000 yuan / ton near the resistance barrier. In the short term, we will pay attention to whether the tin in Shanghai can stabilize above the middle track of the Brin belt. It is estimated that the resistance above tin in Shanghai is near the starting point of 137000 yuan / ton. In the spot aspect, basically, the upstream and downstream construction situation in tin city has recovered to a certain extent. Tin city is currently in the stage of gradual recovery, and it is expected that the supply of goods in follow-up tin city may gradually increase. In addition, some manufacturers have a class library situation during the Spring Festival, and the subsequent logistics recovery may have a certain restraining effect on tin prices. However, because tin resources are still the key factors restricting the production of upstream merchants in the medium to long term, it is expected that the prices of Shanghai in the medium and long term may continue to improve.

Price: today's Shanghai tin spot price 137500-140000 yuan / ton. Yunxi 139500-140000 yuan / ton, ordinary cloud word 138500-139000 yuan / ton, small brand 137500-138000 yuan / ton.

On the inventory side, LME tin stocks last Friday 7435 tons, an increase of 620 tons over the same period. Stocks on the Shanghai Futures Exchange last Friday were 6783 tons, down 212 tons from the same period of the period.