SunSirs: The News of Mining Restrictions on August 1st Was Unclear, Causing a Downward Trend in Shanghai Tin Futures
August 02 2023 10:32:42 SunSirs (John)
Price trend
On August 1, the average market price in East China was 227,160 RMB/ton, down 2.66% compared with the previous working day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 226,000-228,500 RMB/ton, with an average price of 227,250 RMB/ton, a decrease of 6,000 RMB/ton compared to the previous trading day.
Analysis review
On August 1st, it was the deadline for mining restrictions in the Wa State of Myanmar, but no definite news had been received from the Myanmar side. Due to the uncertain supply expectations in the market, the Shanghai Tin Exchange fell by nearly 4% in early trading today, and the decline narrowed in the afternoon. As of the close, the Shanghai Tin Exchange 2309 contract closed 2.76% lower. The supply and demand were still in the off-season of consumption, terminal demand, especially in the electronics industry, showed no significant improvement, and the overall market was weaker. However, domestic inventory was still at a high level, and tin supply was still slightly loose.
Market outlook
It is expected that tin prices will continue to maintain a volatile and weaker trend in the short term, and further attention needs to be paid to the specific implementation of mining restrictions in Wa State.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
- 2024-04-25 SunSirs: Affected by Supply Shortage on April 22nd, Shanghai Tin Rose 6.31% in a Single Day
- 2024-04-18 SunSirs: On April 17th, under the Macroeconomic Disturbance, the Shanghai Tin Exchange Ended Its 10 Consecutive Gains
- 2024-04-11 SunSirs: On April 10th, Supply Concerns Combined with Macroeconomic Benefits Led to an Increase in Shanghai Tin Prices
- 2024-02-07 SunSirs: The Holiday Atmosphere Was Strong, and the Tin Ingot Market Was Operating to Be Weaker (January 29-February 5)
- 2024-01-30 SunSirs: Stocking before Holiday, Tin Ingot Market Was Upward (January 19-26)
