SMM Tin Market Morning Comment (Aug 9)

Last night, the SHFE tin most-traded contract closed at 254,950 yuan/mt, up 9,390 yuan/mt, an increase of 3.82%, with a high of 256,000 yuan/mt and a low of 245,910 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. Yesterday, tin prices were rangebound, with downstream producers showing a strong wait-and-see sentiment and weak purchasing sentiment. Most traders reported scattered transactions. Overall, the spot market was relatively quiet yesterday, and today's spot market is expected to be even quieter.