On November 23, the mainstream quotation range of 1 # tin ingot in East China spot market was 181500-183500 yuan/ton, with an average price of 182500 yuan/ton, up 3250 yuan/ton from the previous trading day. The average price in the domestic market was 182560 yuan/ton, 1.84% higher than the previous trading day, and 38.8% lower than the same period last year.
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, Shanghai Tin continued its overnight trend, and the main contract of Shanghai Tin 2212 closed 2.12% higher as of the 23rd closing.
In terms of fundamentals, the changes in tin market fundamentals are 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 participants expect the electronics industry to warm up with low expectations, and poor demand expectations drag down the tin market. The business agency 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.