SunSirs: On August 23, Both Supply and Demand Were Weak, and Tin Prices Were under Pressure
August 24 2022 10:02:46 SunSirs (John)
Price trend
On August 23, the mainstream quotation range of 1# tin ingot in the domestic spot tin market was 201,000-202,500 RMB/ton, and the average price was 201,750 RMB/ton, which was 2,500 RMB/ton lower than the previous trading day.
Analysis review
Affected by the news of China's interest rate cut, most of the metal markets rose last night, only Shanghai tin fell 0.69%. In the early trading of the 23rd, the Shanghai tin continued to trend downward at night. As of the close of the 23rd, the Shanghai tin 2209 contract closed down 0.83% and closed at 200,250 RMB/ton.
From a fundamental point of view, the tin city was still in a weak pattern of supply and demand. Recently, the domestic market as a whole was still mainly destocking, and the downstream had a certain replenishment behavior at a low level, but the overall downstream consumption had not improved significantly. And the market outlook demand is not expected to improve. On the whole, the market expects that tin production will increase in August, and the main producing areas such as Yunnan and Jiangxi will gradually resume production, and supply is expected to increase.
Market outlook
The downstream demand is weak, and the tin price is difficult to support. It is expected that the tin price will not have enough power to rise, and it is expected that the tin price may be under pressure in the future.
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