SMM Tin Market Morning Comment (Feb 19)

Before the CNY holiday, 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 300 yuan/mt against SHFE 2403 tin contract, versus premiums of 0-500 yuan/mt for delivery brands, premiums of 700-800 yuan/mt for Yunxi brand, and discounts of 600 yuan/mt for imported brand tin ingots. Affected by the news of physical tax in Myanmar's Wa State, tin prices maintained the upward trend before the CNY holiday (Feb 8). Traders took CNY holidays and rarely purchased.