According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China fell this week (12.16-12.20), with an average market price of 244260 yuan/ton at the beginning of the week and 242560 yuan/ton at the end of the week, a decrease of 0.7%.
The overall tin price has slightly decreased this week. Starting this week, tin prices continued their upward trend from last week, but over the weekend, they experienced a slight correction due to the hawkish interest rate cuts by the Federal Reserve. However, the fundamental support is strong, and downstream customers have better acceptance after the price decline, resulting in a large amount of destocking exceeding expectations.
Fundamentally, the import volume of upstream tin ore and its concentrates in November decreased by 56.5% year-on-year and 19.2% month on month. From this year’s domestic tin ingot production data, the suspension of tin mines in Myanmar has not yet affected the smelting end, but the supply of raw materials from the mining end is still relatively rigid, and the latest situation in the raw material market still needs to be closely monitored. In terms of inventory, the social inventory of tin ingots in China has once again declined, and the amount of destocking has exceeded expectations. Although tin prices have fallen rapidly this week, the current downward space is still limited.
Based on comprehensive analysis, tin inventory is currently at a relatively low level, and downstream standing inventory is not high. If tin prices fall significantly, inventory may continue to be stocked, and tin prices are expected to mainly fluctuate and consolidate.
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