Price Performance Indicators

Focus:

1. Within a week (3/4-7/4) the ICDX tin price fell by 3.61%.
2. Concerns about rising US inflation.

Market Review

ICDX tin price movement weakened by 3.61% in a week to a level of 26,170. burdened byconcerns about rising US inflation. In addition, the lack of demand also depressed the price of tin.

The US ISM manufacturing PMI recorded 46.3 in March, which was lower than expected, hitting a new low since May 2020. In addition, crude oil prices soared, raising concerns about rising US inflation. The bearish macro sentiment is weighing on base metal prices. The US dollar continued to fall after the slump in US manufacturing activity last month showed further signs of an economic slowdown and beat renewed inflation fears following OPEC's surprise production cut. This macroeconomic sentiment raises concerns about rising US inflation that will weigh on world base metal prices.

Shanghai Metals Market (SMM) analysts said in a report that base metal prices were affected by recent US economic data that had raised concerns about an economic slowdown as well as expectations that the US Federal Reserve could slow interest rate hikes. In addition to US economic data, the lack of demand from China, the main tin consumer country, has depressed tin prices.

Market View

Indonesia exported refined tin, mostly produced from the Bangka Belitung Islands, totaling 4,784.89 metric tons. Data from the Indonesian Ministry of Trade released on Tuesday (11/4/2023) noted that 4,784.89 tons of refined tin in March were sent to several countries in Asia. The amount of tin exports in March 2023 fell 28.32% from tin exports in the same month the previous year. Indonesia, the world's largest refined tin exporter, plans to ban shipments of tin for further processing domestically. Indonesia exports refined tin at present, but intends to produce other products from tin domestically. The ban on tin exports aims to increase the price of tin.

WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Sumber: ICDX Research