SMM Tin Market Morning Comment (Aug 8)

In the night session yesterday, the most-traded SHFE tin futures contract closed at 246,350 yuan/mt, up 1,820 yuan/mt, an increase of 0.74%, with a high of 247,880 yuan/mt and a low of 244,630 yuan/mt.

Yesterday, spot premiums and discounts in domestic spot market for various tin ingot brands were as below. Small brand tin ingots were offered at premiums of 1,000-1,500 yuan/mt over SHFE 2409 tin contract, versus premiums of 800-1,500 yuan/mt for delivery brands and premiums of 1,000-1,700 yuan/mt for Yunxi brand. Tin prices were rangebound yesterday, and downstream producers were mostly in a wait-and-see mode, using inventory for production. Overall, the spot market was relatively quiet yesterday.