SHANGHAI, Feb 8 (SMM) - SHFE tin prices fell after opening last night and then rebounded after briefly hitting the low point at 215,150 yuan/mt. The most-traded SHFE 2303 tin contract closed at 217,660 yuan/mt.
Fundamentally, the domestic tin inventory under warrants fell slightly yesterday. And the spot premiums rebounded slightly, hence the shipments were lower than that in February 6. The import window remained open as the imported tin prices were in obvious discounts.
In terms of futures prices, the SHFE tin prices remained volatile last night and closed at 217,660 yuan/mt. The open interest of SHFE 2303 tin contract remained stable while that of SHFE 2304 tin contract increased slightly.
To sum up, the futures prices declined amid the stalemate of long-short game. The operating rates of downstream companies has not yet picked up significantly, hence the market may be less active after the restocking period ended.
