SunSirs: On July 21, Both Supply and Demand Were Weak, and Tin Prices Fluctuated Widely
July 22 2022 09:30:58 SunSirs (John)
Price trend
On July 21, the mainstream quotation range of 1# tin ingot in the domestic spot tin market was 194,000-197,000 RMB/ton, with an average price of 195,500 RMB/ton, an increase of 5,500 RMB/ton compared with the previous trading day.
Analysis review
On the night of the 20th, the metal market closed up across the board. In recent days, the US dollar index has continued to weaken, and factors such as concerns about the supply of natural gas in Europe have boosted the stock market. The metal market was boosted, and the whole line was red. London tin rose 2.29%, Shanghai tin rose 2.74%. Shanghai tin continued its upward trend at night on the morning of the 21st. As of the close of the 21st, the main Shanghai tin 2208 contract closed up 2.71%.
From a fundamental point of view, in terms of supply, smelters have been shut down for more maintenance in July, and the overall output in July is expected to decline. In terms of downstream demand, there has not been much change recently, and the overall start-up of tin and solder enterprises is still low, with fewer orders.
Market outlook
The recent trend of tin price is still more disturbed by macro factors. It is expected that the price of tin will continue to fluctuate in a wide range under the pattern of weak supply and demand.
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