SHFE tin prices fluctuated rangebound in the night session; the spot market remained sluggish [SMM Tin Morning Comment]

In the night session yesterday, the most-traded SHFE tin contract closed at 252,060 yuan/mt, up 1,310 yuan/mt, or 0.52%. The highest price was 252,890 yuan/mt, and the lowest was 250,800 yuan/mt.

During the early session yesterday, quotes from trading companies for various domestic tin ingot brands showed little change compared to recent days. Small brand tin ingots were quoted at premiums of 0-500 yuan/mt against the SHFE 2410 contract. Delivery brands were quoted at premiums of 200-700 yuan/mt against the SHFE 2410 contract. The Yunnan tin brand was quoted at premiums of 200-800 yuan/mt against the SHFE 2410 contract. Imported tin brands were quoted at discounts of 300-200 yuan/mt against the SHFE 2410 contract. Tin prices fluctuated narrowly yesterday. Most downstream companies had undertaken necessary restocking and partial inventory replenishment last week; thus, they mostly remained on the sidelines yesterday. Scattered transactions were reported by most trading companies, with a few concluding around one truckload. Overall, the spot market saw relatively mediocre trading yesterday.