SunSirs: The News of Production Suspension on April 19th Was Basically Digested, and Shanghai Tin Closed Down 1.51%
April 20 2023 10:52:32 SunSirs (John)
Price trend
On April 19th, the average price of tin ingots in the East China region was 218,660 RMB/ton, a decrease of 2.45% compared to the previous trading day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 218,000-220,000 RMB/ton, with an average price of 219,000 RMB/ton, a decrease of 4,750 RMB/ton compared to the previous trading day.
Analysis review
Affected by the news of the planned production halt in Wa State, Myanmar on Monday, Shanghai Tin Futures rose sharply for two consecutive days. In the early morning trading of the 19th, Shanghai Tin Futures began to decline after a volatile opening, with a maximum intraday drop of nearly 3%. The decline slowed down later, and by the end of the 19th, the main Shanghai Tin 2305 contract closed at 220,440 RMB/ton, with a closing price of 1.51%.
From a fundamental perspective, the recent changes in the tin market had not been significant, and downstream demand was still relatively weak. In the short term, the market had fluctuated significantly due to the news of the planned shutdown of production in Wa State. However, the impact of subsequent fundamentals had not been clear, and the spot market quotation on the 19th was also relatively volatile.
Market outlook
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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