On August 3, tin prices fluctuated at elevated levels with an upward bias. According to Mysteel, the transaction price for 1# tin ingot in the Shanghai market at 15:30 ranged between Yuan 425,000-428,000/t, averaging Yuan 426,500/t, up Yuan 1,000/t from the previous trading day. Market activity showed that downstream purchasing interest remained generally subdued due to the high tin price, with only a few companies restocking to meet rigid demand. End-user orders were also limited as prices rose, further curbing downstream raw material demand. On the macro front, easing U.S.-Iran geopolitical tensions led to lower crude oil prices and cooling inflation, which kept the USD index low and lent support to tin prices. This week, attention will focus on a series of U.S. labor market data releases. Current indicators point to slowing GDP and inflation growth. If U.S. labor market figures fall short of expectations, the market is likely to scale back expectations for Fed rate hikes, providing a tailwind for tin. In the near term, tin prices are expected to remain rangebound at high levels.
