Tin prices rose on August 5. According to Mysteel, as of 15:30, the traded price of 1# tin ingot in the Shanghai market stood at Yuan 430,000–434,000/t, averaging Yuan 432,000/t, increasing by Yuan 4,000/t. In spot trading, some downstream buyers made small purchases driven by rigid demand even as prices climbed, but overall buying interest remained moderate and a strong wait-and-see sentiment prevailed, leaving the market quiet. On the macro front, U.S. ADP employment for July came in below expectations, yet the report showed wage growth for job switchers accelerated to the highest in nearly a year; supported by solid business and consumer demand, the U.S. labor market stayed stable. If the official monthly jobs report due this Friday confirms this trend, it would allow U.S. Fed officials to remain focused on still-elevated inflation. Looking ahead, a low U.S. dollar index in the near term and supply disruptions in tin ore will provide support for tin prices, which are expected to stay elevated in the near term.
