(under review) [SMM analysis] the closing and storage news boosted the tin market by more than 3%. The spot market buys light and the transaction is weak.

Published: Apr 27, 2020 19:27

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SMM4 27: April 27, Shanghai tin high open high walk, once rose to 134780 yuan / ton, the high since March 12, the end of the day close, Shanghai tin main contract 2006 reported 132710 yuan / ton, an increase of 3.47%.

On April 24, the people's Government of Yunnan Province issued a circular on "several measures to support the development of the real economy", the first of which is to support key enterprises to carry out commercial collection and storage of non-ferrous metal products. In accordance with the principle of "enterprise collection and storage, bank loans, financial subsidies, market operation, self-financing", the province's copper, aluminum, lead, zinc, tin, germanium, indium and other key non-ferrous metal products commercial collection and storage, the total amount of collection and storage is about 800000 tons, the collection and storage time is one year.

The funds required for collection and storage shall be loaned to the bank by the enterprise in the form of product pledge. The provincial finance allocates 1 billion yuan in special funds to partially discount interest on bank loans to enterprises. Among them, 80% discount subsidies are given to enterprises that store tin, germanium and indium.

After the announcement, due to the good news, such as collection and storage, led to the domestic Shanghai tin market trend on Monday morning, a large number of short funds fled, significantly pushing up the Shanghai tin disk price trend, and then led to the strength of the Lunxi electronic European market in the Asian session.

SMM estimates that the current Shanghai tin plate price stalemate in mid-March formed a short gap on the track near 134000 yuan / ton. Short-term focus on whether Shanghai tin can effectively stabilize above the gap. If you continue to go up, the next resistance is located in the jump empty gap on the rail after the Spring Festival is also the previous horizontal plate interval on the rail 137000-137500 yuan / ton. Spot aspect, today Shanghai tin plate surface rose sharply, Shanghai tin spot market buys light. Shanghai tin spot market in the morning overall trading atmosphere is weak, spot rising water range with the disk rose somewhat down.

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