Price trend

On March 20th, the average market price of tin ingots in East China was 186,760 RMB/ton, up 0.84% from the previous trading day. The mainstream quotation range of 1# tin ingot in the domestic spot tin market was 186,000-187,500 RMB/ton, with an average price of 186,750 RMB/ton, an increase of 1,500 RMB/ton compared to the previous trading day.

Analysis review

On the night of the 21st, crude oil rose, while the US dollar fell slightly by 0.1%. The futures market in the evening session was mixed, with London tin futures up 1.98% and Shanghai tin futures up 1.01%. On the 22nd morning, Shanghai tin future continued its overnight trend, rising slightly. As of the close of the 22nd trading day, the settlement price of the Shanghai Tin Main 2304 contract was 186,770 RMB/ton, up 1.9%.

From the perspective of supply and demand, recent changes in tin were limited, and it still showed a weak pattern of both supply and demand. In terms of supply, recent processing costs were weak, but the smelter had been operating steadily, and the overall tin supply had not changed much compared to the previous period. In terms of demand, there was still no significant improvement, and market expectations were generally weak. The recent fluctuations in tin prices mainly followed the macro trend.

Market outlook

In the future, the tin market remains weak and volatile. In the future, it is necessary to focus on the actual downstream demand and the impact of inventory changes on market sentiment.

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