SunSirs: Tin Prices Fluctuated within a Range This Week, with Insufficient Rebound Momentum (December 2-6)
December 11 2024 15:13:19 SunSirs (John)
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 (12.2-12.6), with an average market price of 242,190 RMB/ton at the beginning of the week and 243,700 RMB/ton at the end of the week, an increase of 0.62%.
Analysis review
Recently, the tin price range has fluctuated slightly and increased. The macroeconomic situation had a complex impact on tin prices, and paying attention to the policy attitude and ideas of the Central Economic Work Conference may have an impact on market sentiment. The impact of the shutdown of upstream Myanmar tin mines had not yet been transmitted to the smelting end, but considering that the supply of raw materials from the mining end was still biased towards demand.
Fundamentally, Indonesia temporarily exported more tin ingots to China, but domestic tin ore supply was further tightening. On the tin consumption side, automobile and household appliances maintained a high growth rate, but the overall demand's support for tin prices was not yet significant. The social inventory of Shanghai tin had dropped to 6,920 tons, a new low for the year. The inventory changes further highlighted the tight supply in the tin market, which had provided some support for tin prices.
Market outlook
Overall analysis showed that tin prices were temporarily in a short-term period of consolidation and bottoming out. Supported by factors such as a decrease in inventory and a rebound in spot market trading, tin prices are expected to continue to rebound. But the lack of consumer motivation affects the rebound momentum.
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