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SunSirs: Last Week, China's Tin Market Surged and then Dropped (7.27-31)
August 03 2020 08:09:35SunSirs(Linda)

Last week, the spot tin market price (7.27-31) fluctuated mainly. The average price in the domestic market was 143,662.50 yuan/ton at the beginning of the week and 145,475 yuan/ton at the weekend, a weekly increase of 1.26%.

The tin commodity index on July 30 was 74.73, a decrease of 0.68 points from yesterday, a decrease of 25.46% from the highest point in the cycle of 100.25 points (2011-09-05), and an increase of 74.36% from the lowest point of 42.86 points on December 9, 2015. (Note: Period refers to 2011-09-01 to present).

The depreciation of the U.S. dollar drove metal prices higher across the board. LME London Metal rebounded across the board. Lunxi opened higher and closed up 2.44%, setting a new one-year high. On the 28th last Tuesday, the Shanghai tin futures opened sharply and rose sharply to 154,400 yuan / Tons, the spot market price on the day was raised by RMB 5,000/ton. Subsequently, the market fell, and the price of tin fell all the way to the mainstream price in the spot market this Friday at 144,000-147,500 yuan/ton.

On the upstream side, Myanmar originally planned to resume supply at the end of this month. From the perspective of the delay in the lifting of the relevant ban, the slow recovery of supply and the tight upstream supply will affect the supply of tin ingots in the future.

In the future, SunSirs believes that on the evening of July 27, Inner Mongolia Xingye Mining Co., Ltd. issued an announcement stating that as of now, the company's wholly-owned subsidiary Xiwuzhumuqin Banner Yinman Mining Co., Ltd. (hereinafter referred to as 'Yinman Mining') The conditions for resuming production have been met, and production will resume soon. On the day of the announcement, Xingye Mining received the 'Safety Production Permit' temporarily withheld by the Emergency Department of Inner Mongolia Autonomous Region. With the resumption of production of 'Yinman Mining', the current situation of tight domestic mine supply will be eased to a certain extent, and downstream demand is currently relatively ordinary. Tin spot market prices mostly follow the trend of futures markets. The market outlook is expected to oscillate mainly at high levels.

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