SHANGHAI, Feb 17 (SMM) - SHFE tin opened high yesterday night, and rebounded after falling. The most-traded SHFE 2303 tin contract rose 1.61% and closed at 215,600 yuan/mt, with open interest decreased 6,419 lots to 40,761 lots.
As futures prices stopped falling, spot market remained stable, and warrants decreased slightly. The spot premiums were still narrow. The import window remained open.
SHFE tin prices rebounded after falling last night. The most-traded SHFE 2303 tin contract rose 1.61% and closed at 215,600 yuan/mt, with open interest decreased 6,419 lots to 4,0761 lots. The open interest of SHFE 2304 and other forward-month contracts also decreased.
To sum up, SHFE tin prices remained volatile. 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 weak, and the discounts were relatively stable.
