SunSirs: Tin Prices Had Slightly Increased This Week, with Significant Resistance (October 25-30)

https://www.chemnet.com   Oct 31,2024 SunSirs

Price trend

According to the monitoring of the commodity market analysis system of SunSirs, the 1 # tin ingot market in East China fell this week (10.25-10.30), with an average market price of 254,500 RMB/ton at the beginning of the week and 255,190 RMB/ton at the end of the week, an increase of 0.27%.

Analysis review

Overall this week, news about tin mines in Myanmar had been frequent, and downstream purchasing sentiment was relatively cautious. After Yunxi resumed production, domestic supply resumed and social inventory increased for two consecutive weeks. Refineries were facing obstacles in their pricing mentality and their shipments were restricted. The buyer's mentality in the spot market was cautious, and the overall demand growth was lower than expected. After causing a slight rebound in tin prices, there was a slight decline. But the terminal inquiry heat was good, traders had increased shipments, and the overall market atmosphere was better than last week.

Market outlook

The weakening of the supply and demand margin made it difficult to provide support for tin prices, and there was significant resistance to price increases. It is expected that tin prices will adjust to be weaker from high price end.

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