On December 1st, the average market price in East China was 309540 yuan/ton, an increase of 2.97% compared to the previous trading day. The mainstream price range for 1 # tin ingots in the domestic spot tin market is 308000-311000 yuan/ton, with an average price of 310000 yuan/ton, an increase of 8930 yuan/ton compared to the previous trading day.
At the beginning of the opening, the price of Shanghai tin rose sharply, with the main contract increasing by nearly 4% at one point, reaching a high of 313700 yuan/ton, which set a new high in three and a half years. However, the price quickly rebounded thereafter, and the increase significantly reduced. By the end of the day, the main contract had finally closed up 1.68%, at 306580 yuan/ton.
On the news front, currently, the Bisie mine in the Democratic Republic of Congo, the world’s third ranked tin mining area, has not been directly affected in terms of mining and production activities. However, market concerns about potential supply chain risks have clearly intensified.
During the early trading period, the Shanghai futures market continued its upward trend and continued to rise, with a slight narrowing of the basis spread between near month and far month contracts; After entering the second trading session, the increase in Shanghai Futures has converged. As prices continue to rise, smelters choose to hold prices for sale, which limits market trading volume to a certain extent. In the spot market, positive factors on the news side continue to drive prices up. Today, the overall market followed the trend and conducted a month change operation. Traders maintained a normal shipping rhythm and provided quotes. However, due to the recent upward trend in the market, many downstream users have become cautious and chosen to wait and see due to high prices. Their actual purchasing willingness has been suppressed, and the overall trading atmosphere appears relatively flat.
In terms of follow-up, it is heard that Xiaopai has a premium of around 200-400 yuan/ton for January, Yunzi Tou has a premium of around 400-600 yuan/ton for January, and Yunxi has a premium of around 600-800 yuan/ton for January.
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