SHANGHAI, Mar 16 (SMM) - Affected by the liquidity crisis facing Credit Suisse, SHFE 2304 tin contract declined yesterday night and closed at 179,300 yuan/mt, down 4.17%.
On the fundamentals, the warrants fell significantly yesterday amid the delivery of SHFE 2303 contract. But the spot market was cold amid wait-and-see sentiment.
In the spot market, the discounts of small brands remained stable. The supply of imported tin was scarce. The SHFE 2304 tin contract declined yesterday night and closed at 179,300 yuan/mt, down 4.17%.
To sum up, the resumption of tin market needs to rely on the recovery of downstream consumption and inventory digestion. Downstream processing companies cannot actually digest inventory by stocking up at low prices, and they still need to pay close attention to the progress of consumer confidence restoration.
