On July 10, tin prices remained at elevated levels. Mysteel 15:30 transaction price for 1# tin ingot ranged between Yuan 414,000/t and Yuan 418,000/t, averaging Yuan 416,000/t, unchanged from the previous trading day. In terms of market trading, as tin prices stayed relatively high intraday, downstream and end-user buying interest was weak, most participants held a wait-and-see stance and purchased only on a rigid-demand basis, resulting in overall subdued trading activity. On the inventory front, as tin prices trended higher last week, the pace of inventory destocking decelerated compared with the prior period. Tin ingot trader's inventory in China surveyed by Mysteel stood at 7,983t, down 318t week on week. Looking ahead, while raw material supply tightness and the continuous decline in inventories provide floor support for tin prices, renewed U.S.-Iran geopolitical tensions have pushed the U.S. dollar index back above the 101 mark, which is expected to weigh on tin prices in the short term. Consequently, tin prices are expected to trade mainly range-bound in the near term.
