SunSirs: Tin Prices Rose Due to Macro Boosting on April 14th
April 17 2023 14:08:13 SunSirs (John)
Price trend
On April 14th, the average price of tin ingots in the East China region was 197,160 RMB/ton, an increase of 2.07% compared to the previous trading day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 196,500-198,000 RMB/ton, with an average price of 197,250 RMB/ton, an increase of 4,000 RMB/ton compared to the previous trading day.
Analysis review
On the evening of the 13th, the US dollar index fell 0.51% to 101.01, the lowest point in nearly two months. And Thursday's data showed that inflation in the United States had slowed down, boosting the metal market. In the evening trading, metal prices rose generally, with London tin futures up 1.22%. On the morning of the 14th, the overnight rise continued. As of the close of the 14th, the closing settlement price of the Shanghai Tin Main 2305 Contract was 195,270 RMB/ton, an increase of 2.52%.
From a fundamental perspective, the attitude of the smelter towards high prices still existed, and as of the 14th, the overall operating rate remained at a relatively stable level of around 60%. The demand side remained weak and there were few signs of recovery in the short term.
Market outlook
Overall, downstream demand is still weak, lacking actual demand support, and it is expected that the overall operation of the tin market will remain weak. In the short term, the impact of fundamentals on tin prices is still limited, and the subsequent trend of tin prices will still follow the macro fluctuations.
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