SHANGHAI, Feb 21 (SMM) - The SHFE 2303 tin contract price rebounded sharply by 7,260 yuan/mt last night. The most-traded SHFE 2303 tin contract rose 3.49% and closed at 215,100 yuan/mt, with the open interest decreased 6,686 lots to 41,852 lots.
The domestic tin inventory under warrants fell sharply. The spot premiums were still narrow. The imported goods were less cost-effective.
The SHFE 2303 tin contract rebounded sharply by 7,260 yuan/mt last night. The most-traded SHFE 2303 tin contract rose 3.49% and closed at 215,100 yuan/mt, with the open interest decreased 6,686 lots to 41,852 lots.
To sum up, despite the high social inventory, the sharp decline in warrant inventory provided support for SHFE tin prices. The upstream smelters has not yet fully recovered, and the raw material stocks of downstream enterprises have been digested to a certain extent. Imported tin continued to arrive, but imported goods were less cost-effective than the early stage. The overall demand for spot goods was still under recovery, and the discounts were relatively stable.
