Bearish Trend Persists in Tin - icdx.co.id
  • In a week (16/07 – 20/07) the price of ICDX’s Tin moved down 0.25%.
  • Price range between $19,575 - $19,725.
  • Highest volatility reached 0.45%.

Market Review

The China ministry of commerce announced on Mon (16/7), they have filed a complaint against the US at the World Trade Organization after Donald Trump’s threats to place tariffs on an additional $200bn (£150bn) worth of Chinese goods. The latest round of tariffs would effective on September.

Wilbur Ross, the US commerce secretary said on Wed (8/7) that the department was starting an investigation into uranium imports, potentially opening another front in an expansive trade war that has shaken alliances with countries around the world. Uranium produced domestically now fills only 5 percent of America’s needs, and the imported into the United States now comes mostly from Australia, Canada, Kazakhstan and Russia.

Economic data showed a weakening on China Industry with gross domestic product (GDP) growth slowing to 6.7% in the second quarter of 2018, from 6.8% in the first quarter. Industrial Production on May was down to 6.0% from its previous 6.8% on yearly basis. Unemployment Rate on June was stagnant on level 4.8%.Meanwhile Japan economic also in bearish trend, Industrial Production on May was stagnant on level 4.2% on yearly basis, Japan Exports on June was down to 6.7% from its previous 8.1%.

Chart Timah 180723 - icdx.co.id

Price Performance Indicators

Previous Week % Change
ICDX $ 19,675.00 -0.25%
LME $ 19,475.00 -0.66%
KLTM $ 19,580.00 -0.71%
SHFE ¥ 145,250.00 +1.63%
USD/IDR Rp 14,520.00 +0.86%

Market View

Inner Mongolia's Tin Supply

Inner Mongolia is currently the fourth-largest tin mining province of China, producing some 6,500 tonnes of tin-in-concentrate in 2017. The Yinman Mining's Baiyinchagan mine and Huanggang Mining's Huang Gangliang mine companies represent the majority of current output. Growth in tin production from the province is expected to be driven by expanded production from the Baiyinchagan mine, where annual production is expected to increase to 10,000 tonnes over the next 3 years following improvements to recovery rates and the processing facility. A new tin mine, Weilasituo, is also planned for construction following the discovery of a tin deposit in 2013, with output of 3,000 tpy of tin targeted by 2020.

Achmmach Tin Ore Reserves

Australian based Kasbah Resources is the 75% owner of the Achmmach tin project, located in Morocco. On Mon (16/7) the company released the latest Definitive Feasibility Study (DFS) stated that the new ore reserve estimate is 7.0 million tonnes @ 0.82% Sn (Tin) for 58,000 tonnes of contained tin, which represents an increase in contained tin of 2,000 tonnes from the previous Ore Reserve reported in 2016. It has a 7% increase in total tin ore tonnes and a 4% increase in total contained tin.

WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date Data/Events Actual Expectation Previous
23/Jul EU - Preliminary Consumer Confidence (Jul) N/A -0.5
24/Jul Japan - Preliminary Nikkei Manufacturing PMI (Jul) N/A 53
24/Jul EU - Preliminary Markit Manufacturing PMI (Jul) N/A 54.9
24/Jul USA - Preliminary Markit Manufacturing PMI (Jul) N/A 55.4
26/Jul USA - Kansas Fed Manufacturing Activity (Jul) N/A 38
26/Jul Japan - Tokyo CPI (Jul) N/A 0.6%
26/Jul Japan - Retail Trade (YoY) N/A 0.6%

Source: ICDX Research




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