On April 6th, the average market price in the East China region was 197560 yuan/ton, a decrease of 2.85% compared to the previous trading day. The mainstream quotation range for 1 # tin ingot in the domestic spot tin market is 197000-198500 yuan/ton, with an average price of 197750 yuan/ton, a decrease of 5750 yuan/ton compared to the previous trading day.
The overnight US dollar closed up 0.32% again, with the metal market generally under pressure. Lunxi fell 2.01%, and the domestic market was closed on the 5th due to the Qingming Festival holiday. Therefore, Shanghai Tin opened early today to make up for losses. As of the close of the 6th, the closing settlement price of the Shanghai Tin Main 2305 contract was 197580 yuan/ton, a decrease of 5%.
Fundamentally speaking, the supply side is slightly affected by the tight supply at the mining end, and refined tin companies are afraid of a decline in operating rates in the market. However, the overall operating rate remains relatively stable at around 60%. The demand side remains weak. In terms of inventory, Lunxi’s inventory has dropped to 1855 tons, reaching a low level in nearly a year. Shanghai tin inventory has been declining for four consecutive weeks, with the latest data at 8639 tons, which is also at a low level in the past month. Due to the low inventory of tin, it is more susceptible to macroeconomic factors, causing frequent market fluctuations. Overall, downstream demand is still weak, and the overall operation of the tin market is expected to be weak due to the lack of actual demand support.
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