SMM Tin Market Morning Comment (Mar 5)

SHFE 2404 tin contract opened higher and then fell back to 218,880 yuan/mt, and rebounded slightly before closed at 219,460 yuan/mt overnight, up 0.45%.
Yesterday, spot premiums and discounts in domestic spot market for various tin ingot brands were as below. Small brand tin ingots were offered at discounts of 600-800 yuan/mt against SHFE 2404 tin contract, versus discounts of 500 yuan/mt to premiums of 400 yuan/mt for delivery brands, premiums of 500-700 yuan/mt for Yunxi brand, and discounts of 800-1,200 yuan/mt for imported brand tin ingots. Tin prices rose initially and then fell back in early trading yesterday, with most downstream companies taking a wait-and-see attitude.