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SunSirs: On May 30th, the News Boosted and Tin Prices Rose
May 31 2023 10:46:34SunSirs(John)

Price trend

On May 30th, the average market price of tin in the East China region was 210,460 RMB/ton, an increase of 3.82% compared to the previous working day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 209,500-211,500 RMB/ton, with an average price of 210,500 RMB/ton, an increase of 7,750 RMB/ton compared to the previous trading day.

Analysis review

On the evening of the 29th, the non-ferrous metal market was mixed, with Shanghai Tin leading the way up 2.96%. Opening on the 30th, Shanghai Tin continued its overnight rise, and the main 2307 contract closed with a settlement price of 209,330 RMB/ton on the 30th, up 2.91%.

On the supply side, market news said that large smelting enterprises in the southwest region were undergoing maintenance, with tight supply at the mining end. And market news in Myanmar said that large smelting enterprises in the southwest region were undergoing maintenance, and market expected that supply might shrink in the future, supporting an upward trend in tin prices. There was no substantial improvement in demand recently, mainly driven by news factors such as the rise of the semiconductor industry and the release of purchasing intentions from some solder companies, which had strengthened market expectations for the future of semiconductors.

Market outlook

Overall, the pattern of weak downstream actual demand continued. Under the influence of the above news, tin prices will have an upward trend in the near future, but without actual demand support, it may not be sustainable. In the short term, the impact of domestic supply and demand on tin prices remains limited, and in the future, it is still necessary to focus on the impact of domestic and foreign macro factors on the market.

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