SunSirs: Tin Prices Rose on September 27
September 28 2022 10:28:16 SunSirs (John)
Price trend
On September 27, the mainstream quotation range of 1# tin ingot in the domestic spot tin market was 185,500-188,500 RMB/ton, with an average price of 187,000 RMB/ton, an increase of 4,000 RMB/ton compared with the previous trading day.
On the night of the 26th, the US dollar index refreshed a new 20-year high and closed at 114.69. The metal market was generally under pressure. Shanghai tin rose 3.37% against the trend in the night session. Shanghai tin continued to rise by more than 3% in the morning on the 27th, as of the close on the 27th, the main Shanghai tin 2211 contract closed at 177,190 RMB/ton, up 5.07%.
Analysis review
In the spot market, the refinery's quotations were positive in the morning on the 27th, and the attitude of price support was stronger. However, with the price recovery on the 27th, trading in the trade market was slightly light, and it was generally dominated by wait-and-see. The pre-holiday stocking has been basically completed when the price was low a few days ago, so the market as a whole was deserted on the 27th.
The supply and demand side had not changed significantly, and it was still a pattern of weak supply and demand. In terms of supply, the supply of imported goods increased significantly, the quotations of imported goods in the market increased, and the domestic supply of tin ingots was generally loose. The overall performance of downstream demand was not outstanding, and it maintained on-demand procurement.
Market outlook
Due to the overall low inventory of tin, it is more obviously affected by macro disturbances and funds. SunSirs predicts that the tin price in the market outlook will still be more affected by the macro and maintain a wide fluctuation trend.
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