By Vibin Antony
United States tin scrap prices dropped on Friday in line with futures prices at London Metal Exchange. Scrap Register expects prices to drop further in short term.
LME tin prices plummeted to its lowest in more than 31 months on excess supply but other base metal prices at the exchange gained after data showed Chinese banks extended 1.02 trillion yuan ($163 billion) of new loans in February, well above market expectations.
In LME, tin futures prices was close lower 2.56% at $17,405 on Thursday and SMM, a Chinese metals market research company, expects further decline in tin market due to weak sentiment. SMM also expects LME tin prices to slide to $17,000 per ton and with upper hand at $17,400 per ton.
In China’s domestic market, tin price is expected to test support at 120,000 yuan per tonne, and may fall below the mark due to falling LME tin and poor demand.
The inverse relation between dollar and commodity market is not as sensitive as before, and the implementation of policies in China after the end of two sessions is expected to cheer the market. Hence, outlook for metals market should not be too pessimistic.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
United States tin scrap prices dropped on Friday in line with futures prices at London Metal Exchange. Scrap Register expects prices to drop further in short term.
LME tin prices plummeted to its lowest in more than 31 months on excess supply but other base metal prices at the exchange gained after data showed Chinese banks extended 1.02 trillion yuan ($163 billion) of new loans in February, well above market expectations.
In LME, tin futures prices was close lower 2.56% at $17,405 on Thursday and SMM, a Chinese metals market research company, expects further decline in tin market due to weak sentiment. SMM also expects LME tin prices to slide to $17,000 per ton and with upper hand at $17,400 per ton.
In China’s domestic market, tin price is expected to test support at 120,000 yuan per tonne, and may fall below the mark due to falling LME tin and poor demand.
The inverse relation between dollar and commodity market is not as sensitive as before, and the implementation of policies in China after the end of two sessions is expected to cheer the market. Hence, outlook for metals market should not be too pessimistic.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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