SHANGHAI, Feb 21 (SMM) - Last Friday, LME tin prices soared to a new record of $44,370/mt after rising for nearly 2 years, up 250% from the low point of $12,700/mt on March 23, 2020. At the same time, SHFE tin prices tested the previous high but finally failed. The skyrocketing tin prices moved rangebound recently. Will it break this record in the future?
SMM analysis: All quotations from upstream smelters remained relatively the same in the early trade, except for a few who held high prices. More quotations were heard in the market of ample inventory in the market according to traders.
Today, SMM1# tin average price is 339,750 yuan/mt, 500 yuan or 0.15% lower than that in last Friday.. From February 16 to 18, SMM1# tin average price continued to rise. The average spot price as of today has increased by 190% compared with that on March 20, 2020, which was the lowest since February 21, 2019
According to SMM analysis, last Friday, LME tin price reached another new record of $44,370/mt driven by the rise of SHFE price
As of the time of this writing, both LME and SHFE tin prices dropped slightly. The main reason for the recent strength in prices is that enterprises gradually resumed work after the CNY holiday, reducing the inventory through consumption.
Considering that the fundamentals have been relatively stable recently, upstream and downstream enterprises have gradually returned to normal production, so that the supply and demand will remain balanced in the short term. Therefore, SMM expects that the prices would be high as well.
