DAILY: Tin price decline boosts market trading sentiment

Tin prices fell on November 3. Mysteel's survey showed Shanghai market transaction prices at 15:30 at Yuan 355,000–359,000/t, averaging Yuan 357,000/t, down Yuan 11,000/t from the previous trading day. In terms of market trading, smelters generally held firm on prices and showed only average willingness to sell. Traders reported that after the price decline, downstream purchasing interest improved, with transactions mostly concentrated at around Yuan 360,000/t and below. Although limited growth in end-use orders continued to constrain downstream raw material demand, spot market transaction volume increased overall. Looking ahead, strong U.S. September JOLTS job openings and factory orders reinforced market expectations of rate hikes. With the U.S. midterm elections underway and a series of macro data still due within the week, expectations of increased macro volatility have risen, pressuring risk assets. Meanwhile, weak performance in semiconductor-related stocks and indices also weighs on tin prices. In summary, tin prices are expected to trade rangebound with a weak bias in the short term.