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SunSirs: On April 17th, under the Macroeconomic Disturbance, the Shanghai Tin Exchange Ended Its 10 Consecutive Gains

April 18 2024 10:33:19     SunSirs (John)

Price trend

On April 17th, the average market price in East China was 252,300 RMB/ton, a decrease of 1.64% compared to the previous trading day. The mainstream quotation range for tin ingots in the domestic spot tin market was 250,500-253,000 RMB/ton, with an average price of 251,750 RMB/ton, a decrease of 4,250 RMB/ton compared to the previous trading day.

Analysis review

In terms of the futures market, on the night of the 16th, LME base metals fell on Wednesday due to the strengthening of the US dollar and concerns about Chinese demand. London Tin fell 1.33%, while Shanghai Tin opened on the 17th and fell rapidly by 2% due to the impact of the night trading. It gained support when it fell to 250,000 RMB/ton, and the price rebounded. As of the end of the day, Shanghai Tin's main contract 2405 fell 0.69%.

Since entering April, the tin market had risen for 10 consecutive working days under the dual positive factors of supply contraction and inventory decline expectations, and prices fell back on the 17th. Affected by the decline in tin prices on the 17th, the inquiry atmosphere in the spot market was good, and downstream inquiries in the market increased significantly compared to the previous few days. However, there was still some wait-and-see atmosphere in the market.

Market outlook

In the future, the market still has good expectations for terminal demand, and it is expected that tin prices will be mainly volatile and stronger in the short term, with the trend still following the macroeconomic market fluctuations. The follow-up market focus remains on policy factors such as the resumption of production in Wa State and exports from Indonesia.

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