SMM Tin Market Morning Comment (May 21)

The SHFE 2406 tin contract closed at 279,850 yuan/mt in the night session yesterday, down 450 yuan/mt or 0.16%, with a high of 281,280 yuan/mt and a low of 273,160 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 discounts of 500-1,500 yuan/mt for SHFE 2406 tin contract, versus discounts of 600 yuan/mt to premium of 300 yuan/mt for delivery brands and premiums of 200-500 yuan/mt for Yunxi brand. Yesterday morning, after a significant surge in SHFE tin prices, they fell back. Trading companies showed low willingness to quote prices, and the sharp rise in tin prices at the opening inhibited downstream companies' purchasing willingness. Few deals were heard among traders. Transactions were poor yesterday.