On June 1, the mainstream price of 1# tin ingot in the domestic spot tin market was in the range of 204,500-206,000 yuan/ton, with an average price of 205,250 yuan/ton, down 3,500 yuan/ton from the previous trading day.
On Monday night, London Metal was closed for a bank holiday. Most of the domestic night market rose. Only Shanghai Tin opened lower and continued the night trend in early trading. As of the close of trading on the 1st, the settlement price of Shanghai Tin 2107's main contract was 205,620 yuan/ton, down. 1.26%.
Today, the spot market is mainly adjusted to follow the trend of the futures market in the early trading. Although the price is down, the current tin ingot price still maintains the high level during the year. Affected by the current domestic electricity curtailment policy in Yunnan, most local smelters have suspended operations, and the current domestic market circulation spot is limited.
In terms of market outlook, Shanghai tin has a certain callback expectation after the rise for many days, and tight supply will still support the high price of tin ingots. The current tight supply at home and abroad will continue for some time, and it is expected that tin prices will oscillate at high levels in the short term.
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