Price trend

On April 6th, the average price of tin ingots in the East China region was 197,560 RMB/ton, a decrease of 2.85% compared to the previous trading day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 197,000-198,500 RMB/ton, with an average price of 197,750 RMB/ton, a decrease of 5,750 RMB/ton compared to the previous trading day.

Analysis review

The overnight US dollar closed up 0.32% again, with the metal market generally under pressure. London tin futures fell 2.01%, and the domestic market was closed on the 5th due to the Qingming Festival holiday. Therefore, Shanghai tin futures opened early today to make up for losses. As of the close of the 6th, the closing settlement price of the Shanghai Tin Main 2305 contract was 197,580 RMB/ton, a decrease of 5%.

Fundamentally speaking, the supply side was slightly affected by the tight supply at the mining end, and refined tin companies were afraid of a decline in operating rates in the market. However, the overall operating rate remained relatively stable at around 60%. The demand side remained weaker. In terms of inventory, London's tin inventory had dropped to 1,855 tons, reaching a low level in nearly a year. Shanghai tin inventory had been declining for four consecutive weeks, with the latest data at 8,639 tons, which was also at a low level in the past month. Due to the low inventory of tin, it was more susceptible to macroeconomic factors, causing frequent market fluctuations.

Market outlook

Overall, downstream demand is still weak and lacks actual demand support. It is expected that the overall operation of the tin market will be weaker.

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