SHANGHAI, Mar 24 (SMM) - The SHFE 2304 tin contract rebounded sharply by 7,100 yuan/mt last night and close at 195,650 yuan/mt, up 3.77%.
On the fundamentals, the warrants inventory fell slightly and the spot market turned cold amid rising tin prices. In the spot market, the discounts of small brands fell slightly. The supply of imported tin was sufficient.
The SHFE 2304 tin contract rebounded sharply by 7,100 yuan/mt last night amid falling US dollar index and close at 195,650 yuan/mt, up 3.77%. Open interest increased by 1,027 lots to 47,176 lots.
To sum up, US Fed raised the interest rates by 25 basis point as expected, which eased the panic sentiment of economic recession. The current tin prices were still suppressed by the weak demand from downstream enterprises. 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.
