SHANGHAI, Feb 120 (SMM) - The SHFE 2303 tin contract fell sharply by 8,000 yuan/mt last Friday night and closed at 215,980 yuan/mt, down 3.74%. The open interest decreased 1,698 lots to 43,676 lots.
Fundamentally, amid the delivery period, the social inventory of tin ingots increased significantly last Friday. The spot premiums were still narrow. The import window remained open.
The SHFE 2303 tin contract fell sharply by 8,000 yuan/mt last Friday night and closed at 215,980 yuan/mt, down 3.74%. The open interest decreased 1,698 lots to 43,676 lots.
To sum up, the social inventory was high and increased sharply again last week, and thus SHFE tin prices continued to decline. The upstream smelters has not yet fully recovered, and the raw material stocks of downstream enterprises have been digested to a certain extent. Imported tin continued to arrive, but imported goods were less cost-effective than the early stage. The overall demand for spot goods was weak, and the discounts were relatively stable.
