Price trend

On September 14, the mainstream quotation range of 1# tin ingot in the domestic spot tin market was 178,000-180,000 RMB/ton, with an average price of 179,000 RMB/ton, down 9,000 RMB/ton from the previous trading day.

Analysis review

On the evening of the 13th, the United States released inflation data, which was generally higher and exceeded market expectations. The Fed's interest rate hike expectations heated up, causing the US dollar index to rise by about 1.5%. Metals were generally under pressure in the night trading. London tin fell by more than 35%, and Shanghai tin led the decline by 4.33%.In the morning of the 14th, the Shanghai tin continued to decline in the night trading. As of the 14th, the main Shanghai tin 2210 contract closed at 174,410 RMB/ton, down 4.63%.

From a fundamental point of view, the recent smelter starts were generally stable. The domestic tin production increased significantly in August. The recent profit of imported goods was obvious, 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.

There was no significant change in downstream demand recently, 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. The trend of tin prices is obviously affected by macro disturbances, and it is expected that the overall tin price will still maintain a high possibility of wide fluctuations.

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