Tin prices surged on July 21. Mysteel's survey showed 1# tin ingot trading in Shanghai at Yuan 416,000-422,000/tonne as of 15:30, averaging Yuan 419,000/tonne, up by Yuan 6,500/tonne from the previous session. In the spot market, the sharp rally left many traders unable to secure orders. Only a handful of downstream buyers engaged in hand-to-mouth buying, while end-user orders also dwindled amid recent price spike and consumption off-season, resulting in subdued spot trading. Looking ahead, tin prices are expected to fluctuate with an upward bias in the near term, supported by sympathetic gains in precious and base metals. However, if demand remains sluggish, destocking of tin ingots will slow, posing a downside risk to prices.
