Tuesday, 07 May 2024
Publication
Tin's performance declined by 5%, triggered by the low release of China's Manufacturing Index figures as the main global tin consumer country. China's official Manufacturing Purchasing Managers' Index (PMI) fell in April, to 50.4, versus an expansion of 50.8 in March. The market forecast is 50.3 in the reported month. The index continues to stay above the 50 mark, which separates expansion and contraction. NBS Non-Manufacturing PMI fell to 51.2 in April versus 52.2 forecast and 53.0 figure in March. But on the upbeat data front, China's Caixin Manufacturing Purchasing Managers' Index (PMI) rose to 51.4 in April, compared with an expansion of 51.1 seen in March. The figure beat market estimates of 51.0 in the reported month. China's economic conditions greatly influence fluctuations in world tin prices, so that the worsening of China's economic conditions also weighs on tin's performance