Daily Review of the Most-Traded SHFE Tin Contract:
Closing price of the most-traded SHFE tin contract (SN2508): 263,520 yuan/mt, down 5,460 yuan (2.03%) on the day.
Intraday fluctuations: Opened at 267,250 yuan, peaked at 268,100 yuan, and bottomed out at 262,520 yuan, showing a fluctuating downward trend.
Open interest and trading volume: Open interest decreased by 2,457 lots to 28,262 lots, with trading volume at 84,417 lots, indicating a rise in risk-averse sentiment among investors.
LME tin contract price performance: Closed overnight at $33,305/mt, down 1.38%.
The market is focused on the outcome of the US tariff negotiations with the EU and other economies on July 9th, the US Fed's monetary policy minutes, and China's June CPI data. Bullish funds have exited the market ahead of time.
The Trump administration's imposition of a 20% tariff on Vietnam has sparked market concerns over trade chain risks.
Short-term (1-2 weeks): SHFE tin may maintain sideways movement within the range of 263,000-273,000 yuan. If macro headwinds materialize (such as tariff escalations), it may test the support level of 260,000 yuan; LME tin should focus on the $33,000-34,000 range.
