SMM Tin Morning News on June 13, 2025:
Futures Market: The most-traded SHFE tin contract (SN2507) stabilized after a slight pullback during the night session, closing at 264,180 yuan/mt, down 0.18% from the previous day.
Macro: (1) AMD and OpenAI jointly unveiled a super-powerful AI chip, boosting inference by 35x (bullish ★). (2) Micron plans to invest approximately $200 billion in the US semiconductor manufacturing and R&D sectors (bullish ★). (3) Global smartphone production totaled 289 million units in Q1 2025, down about 3% YoY, but production performance across brands remained relatively stable (bullish ★). (4)Tariffs-① Trump to sign key parts of the US-UK trade agreement within days. ② Canadian PM: Progress made in US-Canada trade talks. ③ Trump: Auto tariffs may rise in the near future. ④ US Department of Commerce announces new auto tariff credit process and tariff hikes on steel home appliances, including washing machines and refrigerators, starting from the 23rd.
Fundamentals: (1) Supply-side disruptions: Overall tin ore supply in major producing regions like Yunnan is tightening. As June approaches, some smelters are considering production halts for maintenance or minor production cuts (bullish ★). (2) Demand side: Recently, as tin prices have returned to the 260,000 yuan/mt threshold, orders from most downstream enterprises have decreased, and purchase willingness has weakened somewhat.
Spot Market: High Prices Suppress Restocking: After tin prices rebounded to above 260,000 yuan/mt, downstream enterprises' purchase willingness significantly weakened. Some enterprises reported a MoM decline in orders, indicating a negative feedback effect from high prices.
