SHANGHAI, June 24 (SMM) - SHFE tin fell for five consecutive days this week, felling by 9.49% to 204,660 yuan/mt during the day, a new low since June 23, 2021. LME tin also declined and as of 16:23, LME fell by 8.55%.

Spot market: SMM1# spot tin prices declined for three days and fell by 4% to 219,000 yuan/mt from June 24. During early trading hours, the overall number of quotations from smelters remained at a low level, and the quotations of some non-deliverable brands remained firm. However, according to traders, the quotation premiums during early trading was stable compared to yesterday. The overall shipment of the market was poor, and merchants had to lower their quotations for actual transactions. Downstream companies purchased as needed and the sharp drop in prices did not improve the willingness of inquires and transactions.

In terms of fundamentals, domestic inventories increased only slightly amid the blocked shipments in the spot market, but the change was not significant. The import window is slightly open and if the subsequent import profits continue to rise, it may have an impact on the domestic market supply. At the same time, please pay attention to the SMM social inventory data announced today. It is expected that the tin prices may fluctuate at a low level in the short term.