On September 30th, the average market price in East China was 278040 yuan/ton, an increase of 2.4% compared to the previous trading day. The mainstream price range for 1 # tin ingots in the domestic spot tin market is 277500-279000 yuan/ton, with an average price of 278040 yuan/ton, an increase of 5400 yuan/ton from the previous trading day.
Shanghai tin rose sharply in night trading, with the main contract price approaching a 4% increase at one point, breaking the highest point in over 5 months. However, the subsequent increase saw a slight correction, and during today’s white trading phase, the price further declined. Eventually, the main contract closed with a 0.94% increase, closing at 275070 yuan/ton.
On the news front, Indonesian President Prabowo announced that 1000 illegal mines in Bangka Belitung province have been closed. Triggering market concerns about the supply side.
The price of Shanghai tin futures is at a high level and maintaining a consolidation trend, and the basis discount between near month contracts and far month contracts has further expanded; In the second trading session, its increase narrowed slightly. As prices continue to rise, smelters choose to hold on and wait, unwilling to ship easily, which limits market transactions to a certain extent. In terms of the spot market, the recent spot procurement situation has been relatively stable, and downstream enterprises have basically completed pre holiday stocking. With the significant increase in the price of Shanghai tin futures, market activity has significantly decreased and gradually returned to a flat state. It is understood that although there are some inquiries in the market, actual transactions are extremely rare. Overall, the demand for tin in downstream industries still needs further improvement. However, many market participants are skeptical about whether market prices can rise in sync with consumer demand after the holiday.
In terms of follow-up, the premium for October is around 100 to 200 yuan/ton, while the premium for Yunzitou is around 200 to 500 yuan/ton, and the premium for Yunxi is around 9500 to 700 yuan/ton
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