SunSirs: On December 15, the Fundamentals Were Weak, and Tin Prices Fell
December 16 2022 10:21:25 SunSirs (John)
Price trend
On December 15, the mainstream quotation range of 1# tin ingot in East China spot market was 191,500-193,500 RMB/ton, with an average price of 192,500 RMB/ton, 2,500 RMB/ton lower than the previous trading day. The average price in the domestic market was 192,520 RMB/ton, down 1.43% compared with the previous trading day and down 34.35% year on year.
Analysis review
On the night of the 14th, the metal market fell more and rose less. Shanghai Tin fell about 1.4%, while London Tin fell 1.04%. In the morning trading on the 15th, Shanghai Tin continued its decline. As of the closing of the Shanghai Tin 2301 contract on the 15th, the closing settlement price was 193,500 RMB/ton, down 1.22%.
The overall trading in the spot market was slightly weak, with limited turnover. Downstream purchasing remained in demand. Fundamentals had not changed much recently as a whole, showing loose supply and weak demand. Recently, the output of the refinery had increased slightly, and the supply was loose. The downstream procurement intention was still on demand, and the actual market demand had little change.
Market outlook
SunSirs expects that the tin price in the future will be mainly weak in the long run, but will still be affected by the macro in the short run, maintaining a wide range of shocks.
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