International oil prices have declined, causing weakness in the commodity market. Overnight, London tin prices decreased by 0.33%. The latest closing price was $24,000, down $80 from the previous trading day, representing a 0.33% decline. Trading volume was 555 lots, a decrease of 95 lots from the previous session, and open interest reached 15,717, a decrease of 184 lots. On the domestic front, Shanghai tin futures in the night session opened lower but later showed a moderate upward trend, with minor gains. The main 2312 contract for Shanghai tin closed at CNY 205,830 per ton, down by CNY 330, with a decline of 0.16%.
As of November 1st, LME reported tin inventory at 7,245 tons, a decrease of 110 tons compared to the previous trading day.
Today, Shanghai tin futures opened lower across the board, with the main December 2312 contract opening at CNY 205,310, down by CNY 850. At 9:10, the main contract for Shanghai tin, 2312, was reported at CNY 206,450, up by CNY 290. Shanghai tin opened lower but then moved higher, exhibiting minor fluctuations and slight gains in the market. On the macroeconomic front, at 2:00 PM local time on Wednesday, the Federal Reserve announced that it would keep the benchmark interest rate unchanged in the range of 5.25% to 5.5%, in line with market expectations. After the interest rate announcement, U.S. stocks closed higher, and the U.S. dollar weakened. This has alleviated the tense market sentiment, and non-ferrous metals, in general, have experienced a weak rebound. While there has been some relief in the supply gap for tin ore, and demand is weak but recovering, tin prices have broken lower. However, there is increased buying interest at lower levels, leading to a weak rebound in tin prices today.