Core Viewpoint - The domestic futures market for non-ferrous metals is experiencing a significant upward trend, particularly in tin futures, which have shown strong performance despite weak demand and improving supply expectations [1][2]. Group 1: Market Performance - On December 19, the main contract for tin futures opened at 337,000.00 CNY/ton, with a peak of 342,890.00 CNY and a low of 334,680.00 CNY, reflecting an increase of approximately 1.96% [1]. - The current trend for tin prices is characterized by a strong upward movement, with market sentiment remaining robust [2]. Group 2: Institutional Perspectives - Wenkong Futures suggests that despite weak demand and improved supply expectations, the low inventory levels in downstream markets limit bargaining power, leading to price fluctuations based on market sentiment. They recommend a cautious approach with a reference range of 300,000-350,000 CNY/ton for domestic contracts and 39,000-43,000 USD/ton for overseas contracts [2]. - Xinhuh Futures indicates that the weak fundamentals exert pressure on tin prices, but optimistic macroeconomic policies are influencing market sentiment. They expect tin prices to experience high-level fluctuations and advise against chasing higher prices while monitoring macroeconomic changes [2]. - Copper Crown Jin Yuan Futures notes that the U.S. November CPI inflation was lower than expected, leading to fluctuations in the dollar. They highlight that the easing of armed conflict in the Democratic Republic of the Congo reduces supply disruptions, while high tin prices face acceptance challenges from downstream markets. They anticipate continued inventory accumulation and recommend caution in chasing price increases [2].
供给端有好转预期 沪锡期货上冲动能边际减弱
Jin Tou Wang·2025-12-19 06:05