On November 11, the mainstream quotation range of 1 # tin ingot in the domestic spot tin market was 177,500-180,500 RMB/ton, with an average price of 179,000 RMB/ton, up 9,500 RMB/ton from the previous trading day. The average price in the domestic market was 179,160 RMB/ton, up 5.69% from the previous trading day and down 38.93% year on year.
Analysis review
On November 11, metal futures rose in the morning, led by Shanghai Tin and Shanghai Nickel. On the macro level, the US CPI data in October was lower than expected, and the market's expectation of the US Federal Reserve slowing down interest rate hikes continued to rise. As a result, the US dollar index fell sharply by 2.31% to its lowest point in nearly two months. The metal market was boosted significantly on November 11.
From the basic point of view, the overall change of tin was limited, and it was still in the pattern of loose supply and weak demand. Since the third quarter of this year, the import of refined tin was in good condition, and the domestic tin supply was generally acceptable.
Downstream demand: The downstream of tin is mainly tin solder. The main application terminal of tin solder is still in electronic products, accounting for about 80% of tin solder. The overall performance of the electronic industry was poor recently, not only in domestic and foreign electronic consumer areas, but also in the overall weak performance, which adversely affected the demand for tin.
Market outlook
On the whole, there is no big positive expectation for the supply and demand of tin recently. However, due to the obvious decline of tin price in the early stage and the low inventory of tin itself, it is very vulnerable to the disturbance of macro and on-site funds. Under the disturbance of long funds, tin prices have risen significantly. SunSirs predict that the tin price in the future will still be affected more by macro factors, mainly maintaining a wide range of shocks, and the overall trend would be weak.
