ICDX Tin Price Trapped in the $19,050 - $19,150 Range - icdx.co.id
  • In a week (24/09 – 28/09) the price of ICDX’s Tin moved down 0.52%.
  • Highest volatility reached 0.74%.

Market Review

Tin demand in China especially from automotive Industry showed a downward trend. Based on the data announced by the China Association of Automobile Manufacturers (CAAM), vehicle production in August totaled 2 million units, down 2.1% on monthly basis and 4.4% on yearly basis. Export vehicle for August reached 89,000 units, showed a decline of 4.9% on monthly basis.

Meanwhile, on the manufacturing side, also showed a same trend. US - Dallas Fed Manufacturing Business Index on Sep down to 28.1 from its previous 30.9, Uni Europa Preliminary Markit Manufacturing PMI on Sep down to 53.3 from its previous 54.6, Japan Industrial Production on Jul down to 0.6% from its previous 2.2% on yearly basis. China Caixin Manufacturing PMI on Sep down to 50.0 from its previous 50.6.

Timah Weekly Chart 180928 - icdx.co.id

Price Performance Indicators

Previous Week % Change
ICDX $ 19,050.00 -0.52%
LME $ 18,950.00 -0.18%
KLTM $ 18,950.00 -
SHFE ¥ 148,010.00 +0.84%
USD/IDR Rp 14,929.00 +0.43%

Market View

China Take Step to Increase Imports

China will cut import tariffs on textile products and metals, including steel products, to 8.4% from 11.5%, effective Nov 1. China has announced plans to cut tariffs on machinery, electrical equipment and textile products beginning on Nov 1. The overall tariff level will be reduced to 7.5% in 2018 from 9.8% in 2017. This is the China braces for an escalating trade war with the United States.

US - South Korea Revised "KORUS"

At a meeting in New York on Monday (24/9), President US and South Korean signed a revised version of the United States-Korea Free Trade Agreement, known as KORUS. This KORUS has been around since 2012, and the revised version removes a few regulatory burdens for US automakers to export cars, extends a 25 percent US tariff on imported Korean trucks until 2041, and lifts a cap on US car exports to South Korea that don’t need to meet Korean safety standards. Could this be a sign that United States could soon win similar agreements with other trading partners?.

WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date Data/Events Actual Expectation Previous
30/Sep China - NBS Manufacturing PMI (Sep) 51.2 51.3
30/Sep Japan - Tankan Large Manufacturing Index (Q3) 22 21
1/Oct Japan - Nikkei Manufacturing PMI (Sep) 52.9 52.9
1/Oct Uni Europa - Markit Manufacturing PMI (Sep) N/A 53.3
2/Oct Japan - Consumer Confidence Index (Sep) N/A 43.3
3/Oct Uni Europa - Markit Services PMI (Sep) N/A 54.7
3/Oct Japan - Markit Services PMI (Sep) N/A 51.5
4/Oct USA - Factory Orders MoM (Aug) 0.9% -0.8%
5/Oct Japan - Preliminary Leading Economic Index (Aug) N/A 103.9

Source: ICDX Research




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