SunSirs: On January 11, the Price of Tin Rose Due to the Positive Macro Situation
January 12 2023 14:10:05 SunSirs (John)
Price trend
On January 11, the mainstream quotation range of 1# tin ingot in the spot market in East China was 207,500-209,500 RMB/ton, with an average price of 208,500 RMB/ton, and up 4,750 RMB/ton from the previous trading day.
Analysis review
On the night of the 10th, the US dollar fluctuated in a narrow range at the lowest level in nearly seven months, up 0.1%, London tin futures rose 0.22% in the evening, and Shanghai tin futures rose 0.82%. As of the 11th, the closing settlement price of the main Shanghai tin 2302 contract was 208,960 RMB/ton, up 3.96%.
Tin prices rose continuously in the past two days, mainly boosted by positive macro factors. From the basic point of view, the operating rate rose slightly, and the overall performance was a loose supply pattern. In terms of downstream demand, the stock preparation before the holiday had almost come to an end, some enterprises had made holiday arrangements, the operating rate of solder enterprises had declined, the tin ingot inventory had recently rebounded, and the terminal electronic products performed poorly in January, with limited demand support.
Market outlook
In the future, SunSirs believes that the tin price will be dominated by negative in the long run, and it is expected that the overall weak operation will prevail. In the short term, it is still affected by many macro factors, maintaining a broad volatility trend.
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