SunSirs: On May 22nd, Tin Prices Fluctuated at a High Level
May 23 2024 14:05:57 SunSirs (John)
Price trend
On May 22nd, the average market price of tin ingots in East China was 277,760 RMB/ton, an increase of 1.26% compared to the previous trading day. The mainstream quotation range for tin ingots in the domestic spot tin market was 277,500 to 279,500 RMB/ton, with an average price of 278,500 RMB/ton, an increase of 4,250 RMB/ton compared to the previous trading day.
Analysis review
In the morning session, the Shanghai Tin Exchange saw a narrowly upward trend, with most of the morning spot markets following suit. In the second trading session, the overall market declined. At the close of the 22nd, the main contract of the Shanghai Tin Exchange 2406 fell 0.08%.
Supply side smelting enterprises still had a strong mentality of raising prices. Due to the recent continuous upward trend in prices, downstream procurement intentions were generally weak, and on-demand procurement was generally maintained. Recently, market negotiations had been limited, and the market atmosphere was somewhat wait-and-see.
Market outlook
It is expected that tin prices will continue to fluctuate with the overall market in the short term, and it is expected to maintain a volatile and stronger trend in the short term.
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