[SMM Tin Midday Review: High Prices Suppress Purchases, Tin Ingot Spot Market Shows "Price Without Market" Characteristics]
On March 17, 2025, the most-traded SHFE tin futures contract opened higher but moved downwards in the morning session. The most-traded 2504 contract opened at 284,000 yuan/mt, pulled back to 280,230 yuan/mt during the session, and closed at 281,870 yuan/mt at midday, down slightly by 0.31%. Open interest decreased by 5,874 lots, and market sentiment turned cautious. LME tin also pulled back to $35,325/mt.
High prices suppress purchases: Currently, tin prices are at a high level of 282,000 yuan/mt. Downstream solder enterprises show low purchase willingness, with most spot tin being sold at significant discounts, exhibiting "price without market" characteristics.
March 17, 2025 SHFE Tin Futures Most-Traded Contract Midday Commentary
On March
17, 2025, the most-traded SHFE tin 2504 contract opened higher at 284,000 yuan/mt, pulled back to 280,230 yuan/mt during the session, and closed at 281,870 yuan/mt at midday, down slightly by 0.31%. Open interest decreased by 5,874 lots, and market sentiment turned cautious. LME tin also retreated to $35,325/mt.
High Prices Suppress Purchases: Current tin prices at
282,000 yuan/mt remain high, with downstream solder enterprises showing weak purchase willingness. Most spot cargoes are sold at significant discounts, reflecting a "price without market" scenario.
Central Bank "Super Week" Impact: Ahead of the US Fed's interest rate meeting,
the US dollar index underwent technical corrections. Bullish funds turned cautious, with some withdrawing from the non-ferrous metals market.
Technical Key Level Contest: The most-traded SHFE tin contract fluctuated above the 285,000 yuan/mt support level, while facing significant resistance at the 300,000 yuan/mt psychological threshold.
A breakthrough would require stronger momentum.
Currently, SHFE tin is in a phase of contention between supply-driven events and weak demand reality. In the short term, high-level fluctuations may persist, but attention should be paid to the progress of Congo's production resumption, inventory changes, and macro policy guidance. Investors need to balance short-term volatility with medium and long-term supply-demand imbalances, and respond rationally to market sentiment changes.
