SHANGHAI, Apr. 13 (SMM) - Domestic warehouse tin inventories should have reached 5,000 tonnes, SMM said. Recently, massive tin ingot inventories at warehouses and glut in spot markets left spot discounts of tin.
Tin ingot inventories at two major tin warehouses in Shanghai - Quansheng Logistics and Huaxuan warehouse were 1,000 tonnes and 800 tonnes, respectively, people working there told SMM.
SMM understands Quansheng Logistics’ No.2 warehouse whose capacity is 1,000 tonnes is now full. Its No.3 warehouse still has room to absorb shipments. So, the company’s tin ingot inventories should be actually above 1,000 tonnes.
Besides, inventories at deliverable warehouses of the Shanghai Futures Exchange (SHFE) were 2,019 tonnes last week’s end. Deliveries of SHFE 1701 and SHFE 1609 tin contracts were 2,824 tonnes and 2,342 tonnes, respectively. When combined with large discounts over the past two months, more deliveries are expected.
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