SMM Morning Comment For Tin Market On October 16

SHANGHAI, Oct 16(SMM) – SHFE 2311 tin contract surged rapidly after the opening of last Friday’s night session. After reaching a relatively high of 216,500 yuan/mt, it maintained sideways and finally closed at 216,160 yuan/mt, up 1.3%.

Spot premiums and discounts were basically unchanged from yesterday. Small brand tin ingots were offered at premiums of 200-400 yuan/mt, premiums of 500-700 yuan/mt for delivery brands, premiums of 1,000-1,200 yuan/mt for Yunxi brands, and discounts of 200-400 yuan/mt for imported tin brands. Tin prices rebounded slightly last Friday, but downstream companies were less willing to purchase. Most trading companies reported that most of the shipments were zero or less last Friday. Only a few companies were able to sell tin ingots of around 20 mt. Overall, the transactions in spot market was sluggish.