SHANGHAI, June 30 (SMM) - SHFE tin continued to fell after a short rest for two days. SHFE fell by nearly 5% after opening yesterday and as of 15:56 June 29, SHFE tin fell by 6.3%. LME tin fell by 2.52%.

Spot market: SMM spot price of 1# refined tin was 212,000 yuan/mt yesterday, down 3.09% from June 28.

During the early trading period, the overall price support of smelters was slightly weakened, and the quotations slightly declined. According to the feedback from traders, the price premiums of the market in early trading fell, and the premiums spread between brands was still huge. The shipment of merchants was very different, but the overall transactions were still poor. Downstream purchased as needed, and the decline of prices had little impact on their demand.

According to SMM analysis, in terms of fundamentals, the domestic inventory of warrants increased significantly under the influence of the modest shipments in the spot market and the high SHFE tin prices. LME inventories increased slightly, and the import window continued to open amid the profits. The quotations of spot imported products were in slight discounts. As of last Friday, the domestic SHFE tin inventory was 3,726 mt, and the LME tin inventory was 3,510 mt on the June 28, up 35 mt from June 27.

Higher futures prices led to an increase in warrants, indicating that the rebound was still under the pressure, and the spot market transactions were modest. SMM expects that the short-term tin prices will remain low until funds smoothly shift to the new contract.