SMM Comment | Double Festival Tin City Review and Outlook: LME Tin Pri

Published: Oct 31, 2023 11:48

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SMM Comment | Double Festival Tin City Review and Outlook: LME Tin Price Slightly Down During the Festival, Domestic Tin Ingot Supply May Be Relatively Loose. After a sharp drop in LME tin ingot during the Mid-Autumn Festival and National Day holiday, it rebounded slightly. The LME 0-3 contract closed at 2.28% lower on October 6 than on October 28. Meanwhile, LME tin ingot inventories continued to increase from 6975 tons on September 28 to 7425 tons on October 6, an increase of 450 tons. According to previous SMM research, most smelting enterprises had normal production during the festival, and a few had holidays or maintenance plans. It is expected that the opening rate of smelting enterprises in Yunnan and Jiangxi provinces will slightly decrease by 3.7 percentage points during the festival. Most downstream welding material enterprises took a five-day holiday, and have now basically resumed normal production. During the festival, imported tin ingots still entered the domestic market, and it is expected that the supply of domestic tin ingots will be relatively loose after the festival.

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