On December 30th, the average market price in East China was 322160 yuan/ton, a decrease of 6.23% from the previous trading day. The mainstream price range for 1 # tin ingots in the domestic spot tin market is 321500-323000 yuan/ton, with an average price of 322000 yuan/ton, a decrease of 21400 yuan/ton from the previous trading day.
Affected by the weakened sentiment of the night market commodity market, the price of Shanghai tin plummeted significantly. However, the decline today narrowed compared to the previous period, and the main contract ultimately closed down 4.68%, at 326330 yuan/ton.
Previously, the prices of precious metals and copper continued to rise and repeatedly broke new highs. Under the effect of capital spillover, the tight supply and demand situation of Shanghai tin attracted the attention of funds, and its price reached the highest level of 350000 yuan. However, downstream market demand remains weak, with limited acceptance of current prices. Coupled with the accelerating pace of Myanmar’s resumption of production, the marginal fundamentals are gradually showing signs of weakening, causing Shanghai tin prices to fall from their high levels.
Recently, tin prices have continued to fluctuate within the high range, and the trading atmosphere in the market appears quite quiet. Traders generally adopt a cautious and wait-and-see attitude, and their enthusiasm for quoting has significantly decreased, mainly due to the current relatively high tin prices and weak willingness of downstream enterprises to receive goods. Most end users choose to stay put and wait, only releasing a small number of orders based on rigid demand when prices experience a pullback.
In terms of follow-up, the supply of small brand goods shows a trend of around 400 yuan/ton with a flat to rising price for the January contract; The cloud prefix source of goods has a premium of around 400-700 yuan/ton for the January contract; Yunxi’s source of goods offers a premium of around 700-1000 yuan/ton for the January contract.
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