Tin prices rose on August 21. In terms of market trading, downstream purchasing interest was subdued and end-user order growth was limited, leaving spot market activity sluggish. On the inventory side, tin ingot traders' inventory in China's major markets rose by 783 tonnes week on week to 9,541 tonnes as of August 21. The increase was mainly driven by concentrated port arrivals of imported tin ingots combined with limited downstream purchasing. Looking ahead, a low U.S. dollar index may provide some support to tin prices, but inflationary pressures and reduced risk appetite stemming from U.S.-Iran geopolitical tensions and trade barriers remain concerns and may weigh on prices. Fundamentally, tight raw material supply and weak demand are expected to persist. Overall, with mixed bullish and bearish factors, tin prices are expected to remain rangebound, likely between Yuan 420,000 and Yuan 440,000 per tonne.
