SunSirs: On March 10, the inventory was high and the tin price was lower
March 13 2023 09:43:27 SunSirs (John)
Price trend
On March 10, the average price of tin in East China was 187,010 RMB/ton, down 4.42% from the previous working day.
On the night of March 9, London metals generally fell except zinc, with London nickel leading the decline of 3.23% and London tin falling 1.98% and hitting a new low of 23,010 US dollars/ton in recent three months. The Shanghai Tin Exchange closed down 1.12%. As of the close of the 10th, the closing settlement price of the Shanghai Tin 2304 contract was 189,770 RMB/ton, down 3.83%.
Analysis review
The tin market still maintained a weak pattern of both supply and demand. On the supply side, as the price continued to decline, the smelter had a strong attitude towards price supporting, and the willingness to ship was slightly lower. Traders ere actively shipping, and the downstream part was bargain-hunting.
In terms of demand, the recent consumption in the electronics industry was still slightly depressed. The highlight of the recent demand in the downstream was still in the photovoltaic sector, but the stock was sufficient and the demand was weaker.
In terms of inventory, the social treasury was still in the accumulation stage recently, and the high inventory dragged down the tin price.
Market outlook
In the future, the tin market will still remain weaker, and it is needed to focus on the actual demand of the downstream and the impact of domestic and foreign macro policies on the market mentality.
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