Price trend

According to the monitoring of the commodity market analysis system of SunSirs, 1# tin ingot in East China fluctuated and fell this week (1.29-2.5), with an average market price of 221,460 RMB/ton at the beginning of last week and 211,360 RMB/ton at the beginning of this week, a weekly decrease of 4.56%.

From the monthly K-bar chart, it can be seen that after November 2022, tin prices had been continuously rising for three months due to macroeconomic factors. Since February 2023, prices had fallen by 11.35% in a single month, and the trend of tin prices had fluctuated narrowly in the past three months. From the weekly K-bar chart, it can be seen that the tin ingot market had seen more ups and downs in recent times.

Analysis review

In terms of the futures market, the futures market continued to decline during the week, and social inventory continued to accumulate, dragging down the trend of the futures market. On Monday, the Shanghai tin futures market continued to decline in early trading, and the spot market continued to follow suit. Fundamentally speaking, refineries still maintained a price push mentality on the supply side, but unfortunately, the poor performance of market demand had led to consecutive price declines, affecting the mentality of enterprises. In terms of demand, as the holiday approaching, the downstream had basically entered the holiday mode. Recently, there had been many difficulties in transportation, and downstream procurement intentions were low, resulting in overall weak demand.

Market outlook

Overall, the holiday atmosphere in the market is relatively strong, lacking demand support, and the market is under pressure and downward pressure under the influence of high inventory.

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