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SMM Daily Review - 2010/1/5 Tin Market
SHANGHAI, Jan. 6 (SMM) -- LME tin prices hit another new high at USD 17,637/mt on Monday night, and closed at USD 17,450/mt, with a daily increase of USD 575/mt. Prices surged on the first trading day of 2010, but experienced corrections above USD 17,000/mt on Tuesday as prices experienced a soaring increase previously. Cautious attitude should be adopted to avoid risks when prices at high levels, since KDJ indicated unclear price trend and RSI was tend to decline from high levels. LME tin prices may experience corrections at high levels in the future.
Shanghai tin market was largely inspired by LME tin market, and offers from Yunnan Tin Group advanced to RMB 135,000/mt. Other smelters also raised their offers. Except that some purchasers made purchase on an as-needed basis, overall market was depressed. There were only few transactions in the market and actually traded prices were around RMB 129,500/mt. Cargo-holders still kept firm offers, although they were aware that it still took time for downstream consumers to accept constantly rising prices.
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