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SunSirs: On April 10th, Supply Concerns Combined with Macroeconomic Benefits Led to an Increase in Shanghai Tin Prices

April 11 2024 15:52:43     SunSirs (John)

Price trend

On April 10th, the average market price of tin ingot in East China was 246,010 RMB/ton, an increase of 3.45% compared to the previous trading day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 245,000 to 247,000 RMB/ton, with an average price of 246,000 RMB/ton, an increase of 8,500 RMB/ton compared to the previous trading day.

Analysis review

In terms of futures market: On the night of the 9th, the LME metal market rose generally, with the London tin futures rose by 3.96% to the highest of 31,350 US dollars/ton during trading, setting a new high within a year. On the night market, Shanghai tin rose 3.63%, approaching the 250,000 yuan mark during trading. On the 10th, Shanghai Tin continued its overnight trend and saw an overall upward trend. As of the close, the main 2405 contract of Shanghai Tin rose 5.84%.

Recently, boosted by the macro atmosphere, the non-ferrous metal market had generally risen, and the tin market had been affected by the uncertain news of the recent restart of Wa State tin mines, which had triggered supply concerns and driven tin prices up for three consecutive days. From the perspective of demand, as prices had been rising in recent times, downstream markets had a weak attitude towards receiving goods, resulting in fewer actual transactions and less trading volume, making it difficult for costs to be transmitted downstream.

Market outlook

In the future, the macro outlook is positive, coupled with tight supply, and it is expected that tin prices will maintain a stronger trend in the short term. There is a lack of downstream support, and the space for upward growth is limited. The market's focus in the future is still on policy factors such as the resumption of production in Wa State and exports from Indonesia.

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