SunSirs: On November 23, the US Dollar Fell Back and the Tin Price Rose
November 24 2022 09:53:05     SunSirs (John)Price trend
On November 23, the mainstream quotation range of 1 # tin ingot in East China spot market was 181,500-183,500 RMB/ton, with an average price of 182,500 RMB/ton, up 3,250 RMB/ton from the previous trading day. The average price in the domestic market was 182,560 RMB/ton, 1.84% higher than the previous trading day, and 38.8% lower than the same period last year.
Analysis review
On the night of the 22nd, the US dollar price fell back, while the crude oil price rose, boosted by the domestic good news, and the overnight metal basically rose, with Shanghai Tin leading the way up by 2.68%. In the morning trading on the 23rd, Shanghai Tin continued its overnight trend, and the main contract of Shanghai Tin 2212 ended up 2.12% as of the closing of the 23rd.
In terms of fundamentals, the changes in tin market fundamentals were limited, still showing loose supply and weak demand. After entering the third quarter, the domestic smelters generally started higher, and the tin supply was relatively loose as a whole. In terms of downstream demand, under the current macro economic background, the consumption of electronic products has always been tepid, which has also turned tin supply from tight to loose. In addition, market insiders expected that the electronics industry would get warmer with low expectations, and poor demand expectations dragged down the tin market.
Market outlook
SunSirs expects that the tin price in the future will be mainly weak in the long run, but will still be affected by the macro in the short run, maintaining a wide range of shocks.
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