[SMM Express] Shanghai tin opened higher in early trading up more than 1%, giving up some of its gains at midday.

SMM5 March 27: in early trading today, Shanghai tin futures prices fluctuated high and fell slightly, rising to 134290 yuan / ton at one point, up more than 1%. As of 10:20, the main contract between Shanghai and tin was 2007 yuan per tonne, a rise narrowed to 0.8 per cent. Last night's trading, the main 2007 contract of Shanghai tin opened at 133440 yuan / ton, the highest was 134750 yuan / ton, and the lowest was 133440 yuan / ton. it closed at 134540 yuan / ton, up 460 yuan / ton. after rising at the beginning, it fluctuated near 134000 yuan / ton above the daily moving average, and rose again at the end of the day. It finally closed at 134540 yuan / ton, showing a small positive line, and the physical part was located near the 5-day moving average. It is estimated that the resistance above the main 2007 contract of Shanghai tin is around 136000 yuan / ton.

Yesterday, data from the General Administration of Customs released tin-related import data, with refined tin imports of 1183 tons in April 2020, with Indonesia accounting for the largest proportion of imports, reaching 73.3%, and exports of 453 tons. Tin imports in April were 8817 gross tons, of which imports from Myanmar accounted for about 90.7 per cent of the total imports in that month. SMM believes that on the tin mining side, most of the tin ore imports still come from Myanmar, and the start-up of Myanmar's tin mining and mineral processing enterprises has not fully recovered. According to market participants, short-term tin ore imports may continue to maintain a relatively tight supply. In terms of refining tin, the recent profit space for refined tin imports is still open, and the acceptance of downstream enterprises is higher than that of last year, and it is expected that the import volume of short-term refined tin may continue to be relatively high.

"Click to view:" [SMM Analysis] April tin imports 8817 gross tons of short-term tin imports are still tight.

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