On July 16, tin prices edged higher. Mysteel 1# tin ingot (15:30) traded at Yuan 408,500/tonne-Yuan 416,500/tonne, averaging Yuan 412,500/tonne, up by Yuan 500/tonne from the previous day. In terms of market activity, only a few downstream buyers made need-based purchases in the morning when prices were lower; after prices rose in the afternoon, most stayed on the sidelines. Overall, tin ingot spot trading in China was quiet that day. The SHFE most-active tin contract settled at Yuan 412,270/tonne in overnight trading on the July 16, up by Yuan 2,190/tonne, or 0.53%. Overnight open interest surged, leaving total SHFE tin open interest around 74,000 lots. Looking ahead, the relatively low U.S. dollar index is easing downward pressure on tin prices in the short term, leaving room for a modest rebound. However, attention should be paid to the recovery in consumption and tin ingot inventory levels. If consumption remains sluggish and destocking slows, tin prices could come under pressure.
