SHANGHAI, Feb 23 (SMM) - The SHFE 2303 tin contract fell last night and closed at 212,500 yuan/mt, down 2.46%. Open interest fell 2,363 lots to 33,417 lots, and trading volume increased 2,538 lots to 35,308 lots.
The domestic tin inventory under warrants increased significantly while the spot discounts decreased slightly. The imported goods were still less cost-effective.
The SHFE 2303 tin contract declined yesterday night and closed at 212,500 yuan/mt, down 2.46%. Open interest fell 2,363 lots to 33,417 lots, and trading volume increased 2,538 lots to 35,308 lots.
To sum up, tin prices fluctuated widely in the past two days, and downstream enterprises were sensitive towards the price change, reflecting that downstream demand was still fragile. The upstream smelters have fully recovered, and downstream enterprises restocked to a certain extent. As such, the overall demand in the spot market recovered, especially that from electronics sector. It is necessary to pay further attention to the recovery of the spot market.
