SunSirs: On September 21, Tin Prices Rose Due to Macro Disturbances

Price trend

On September 21, the mainstream quotation range of 1# tin ingots in the domestic spot tin market was 185,500-187,500 RMB/ton, with an average price of 186,500 RMB/ton, an increase of 2,500 RMB/ton from the previous trading day.

Analysis review

The US dollar rose to a nearly 20-year high on the night of the 20th, and the market expected the Fed to raise interest rates by more than 75 basis points. The crude oil market closed down, down more than 1%. Affected by the macro data, metals in the night trading were mixed. London tin led the increase by 1%, and Shanghai tin led the increase by 1.76%. In the morning of the 21st, the Shanghai tin continued to rise. As of the 21st, the main Shanghai tin contract 2210 closed at 180,960 RMB/ton, up 2.66%.

From a fundamental point of view, the quotations of manufacturers were still stable as a whole recently, and there was basically no significant change in the supply and demand side, and the pattern of weak supply and demand was still maintained. The operating rate of major manufacturers was generally stable. The domestic tin production in August increased significantly, the supply of imported goods increased significantly, the market quotations for imported goods increased, and the domestic supply of tin ingots was generally loose. In terms of downstream demand, consumption was slightly weak, and the willingness to stock up before the holiday was generally low. The downstream still maintained on-demand procurement, and the market had a strong wait-and-see attitude.

Market outlook

On the whole, the tin market still shows weak supply and demand, weak downstream demand, and it is difficult for tin prices to be supported. It is expected that the tin price will have insufficient power to rise, and it is expected that the tin price may be under pressure in the future.

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