On March 3, the mainstream price range of 1# tin ingot in the domestic spot tin market was 198,000-200,000 RMB/ton, with an average price of 199,000 RMB/ton, down 5,750 RMB/ton from the previous trading day.
Analysis review
The US dollar index strengthened on the night of the 2nd, closing up 0.57%. The metal market was generally under pressure. The metal market was generally down in the night, and the Shanghai Tin Futures led the decline of 3.03%. The Shanghai Tin Futures continued its night decline in the morning. As of the closing of the 3rd, the closing settlement price of the Shanghai Tin 2304 contract was 199,980 RMB/ton, down 3.51%.
On the supply side, the smelter had resumed operation, and the recent price fluctuation was large, and the smelter had a strong attitude to support the price. In terms of demand, the downstream still had the intention of purchasing in demand after the Spring Festival, and there were many bargain-hunting stocks in the market. Recently, the highlight of downstream demand was photovoltaic. With the increasingly obvious signs of market recovery, market participants were generally optimistic about the future. However, the current tin inventory was still on the high side, dragging down the tin price. Under the situation of weak supply and demand, the tin price was greatly affected by the macro economy.
Market outlook
In the future, it is expected that the tin market will remain stable and weaerk. It is necessary to focus on the recovery of downstream demand and the impact of macroeconomic policies on the market mentality.
