SMM Tin Market Morning Comment (Apr 10)

Overnight, SHFE 2405 tin contract moved up after opening higher, and continued to move sideways at highs before closing at 246,940 yuan/mt, up 3.63%.
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 800-1,500 yuan/mt for SHFE 2405 tin contract, versus discounts of 0-800 yuan/mt for delivery brands and premiums of 0-300 yuan/mt for Yunxi brand. In the early trading yesterday, SHFE tin prices swung on a soft note but remained high, leaving downstream companies on the sidelines. Some downstream companies restocked as needed. Few deals were heard among traders.