Whether Shanghai tin can continue to strengthen by up more than 5% in opening trading may be restricted by [SMM]

SMM3 March 24: Shanghai tin continued to walk high in the night market yesterday, and opened higher today, up more than 5% in intraday trading; the rise of Lunxi is not as eye-catching as that of Shanghai tin. As of around 11:15, Shanghai tin rose 4.68% to 352480 yuan / ton, while Renxi rose 1.53% to US $42710 / ton.

As of 11:17 on March 24th, the trend of Shanghai and tin:

"check the real-time trend of futures.

"Futures prices fluctuate greatly. For enterprise settlement, please refer to SMM spot quotation!

Spot market

The average spot price of SMM1# tin is 355500 yuan per tonne today, up more than 3 per cent from yesterday. As can be seen from the trend below, the spot average price of SMM1# tin has shown an upward trend as a whole since March 16.

"check the spot historical price of SMM tin products

According to SMM analysis, the trend of Shanghai tin is strong under the influence of market sentiment, and prices continue to rise after opening high. The total amount of funds entered the market in large quantities, and there were obvious differences between the long and short sides in this position, and the market heated up driven by the contradiction.

Fundamentally, domestic warehouse receipt inventory continues to decline, while overseas inventory remains stable and does not change much. The spot market shipment performance is lukewarm, the demand side enthusiasm is low. To sum up, the probability that Shanghai tin is strong will drive the spot price Synchronize higher, but the acceptance of the price rise in the downstream demand is biased, so the spot market may not be as expected again today. SMM expects tin prices to maintain upward pressure, or will maintain horizontal volatility.

Recommended reading:

"Tin prices open high and go high performance strong multi-empty concentration contradiction highlights [SMM Tin Morning News]