SMM Tin Market Morning Comment (Jul 10)

Overnight, the most-traded SHFE tin futures contract closed at 278,130 yuan/mt, up 690 yuan/mt, an increase of 0.25%, with the highest price at 279,460 yuan/mt and the lowest at 276,150 yuan/mt.

Spot market transaction: During the early trading session yesterday, traders' quotations for premiums and discounts of various domestic tin ingot brands showed little change compared to recent days. Small brand tin ingots were at a discount of around 400-500 yuan/mt against the 2408 contract, delivery brands were at a discount of 0-500 yuan/mt against the 2408 contract, Yunxi brand was at a premium of 200-400 yuan/mt over the 2408 contract, and imported tin brands were at a discount of 600 yuan/mt against the 2408 contract. In the morning, as SHFE tin prices continued to climb, downstream producers maintained a wait-and-see attitude. Most traders had sporadic transactions or no transactions at all. Overall, the spot market transactions were relatively quiet yesterday. Yesterday, SHFE tin warrants increased by 37 mt to 14,811 mt, while LME tin inventory decreased by 25 mt to 4,625 mt.