SMM Tin Market Morning Comment (Feb 29)

SHFE 2403 tin contract rose slightly to 218,590 yuan/mt before closing at 218,180 yuan/mt overnight, up 0.84%.
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 200-800 yuan/mt against SHFE 2403 tin contract, versus discounts of 300 yuan/mt to premiums of 500 yuan/mt for delivery brands, premiums of 700-900 yuan/mt for Yunxi brand, and discounts of 600-1,200 yuan/mt for imported brand tin ingots. Tin prices rose initially and then fell back yesterday, and downstream companies mostly maintained a wait-and-see attitude.