SunSirs: On June 14, the Fundamentals Were Bad, and the Price of Tin Fell
June 15 2022 14:10:01 SunSirs (John)
Price trend
On June 14, the mainstream quotation range of 1# tin ingot in the domestic spot tin market was 242,500-246,500 RMB/ton, and the average price was 244,500 RMB/ton, which was 8,250 RMB/ton lower than the previous trading day.
Analysis review
On the 14th, the tin futures of the Shanghai Futures Exchange fell. In the morning, the non-ferrous metal market was generally under pressure. Tin futures and nickel futures on the Shanghai Futures Exchange led the decline. The main reason was that the U.S. dollar index continued to soar last night, rising to its highest point in nearly 20 years. The sharp drop in U.S. stocks has seriously affected the market's mentality. The non-ferrous market was generally under pressure on the 14th, and the price of tin futures on the Shanghai Futures Exchange was greatly reduced.
From a fundamental point of view, Tin Industry Co., Ltd. announced on the evening of the 13th that it will carry out a 50-day shutdown and maintenance on the 16th, which is expected to affect a large domestic production. However, since the news of production suspension had been released in the early stage of the market, the good news had basically been digested. The overall demand performance in the downstream was average, and the overall performance of the market was weak.
Market outlook
Therefore, the trend of tin price on the 14th was greatly affected by the futures market, and it is expected that the market outlook will remain weak mainly.
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