[SMM Tin Midday Commentary: Tin Prices Stabilized and Fluctuated Amid a Geopolitical Stalemate, While Spot Market Trading Turned Subdued]

[Developments in the Outside-China Lead Market] According to Notice No. 26,094-96 issued by the LME, the suspension of trading in the UMICORE 99.99, 99.985, and 99.97 lead brands produced by Umicore has been lifted, and these brands will continue to be used for warrant transactions on the London Metal Exchange (LME). It was reported that, according to Notice No. 26 005-007 issued by the LME on January 2, 2026, effective April 2, 2026, the three lead ingot brands produced by Umicore will no longer be accepted for warranting by the London Metal Exchange (LME).

According to foreign media reports, as the ongoing escalation of geopolitical conflict in the Middle East disrupted navigation through the Strait of Hormuz, shipments of aluminum products in the region had “stalled.” Mercuria Energy Group, the world’s largest independent integrated energy and commodities trading house, was expected to urgently withdraw nearly 100,000 mt of aluminum from London Metal Exchange (LME) warehousing facilities to ease the supply gap in European and US markets. Three sources familiar with the matter revealed that Switzerland-based Mercuria had on Monday canceled warrants for, or earmarked for delivery, nearly 100,000 mt of aluminum stored in LME-approved warehouses at Port Klang. Mercuria has so far declined to comment on the move.

CME plans to approve the establishment of aluminum warehouses in Taiwan and Hong Kong, as this US commodity exchange intensifies efforts to compete with the London Metal Exchange (LME) in the Asian market. These new warehouse locations signify a major expansion of the exchange in Asia, where two-thirds of the world's aluminum was produced last year. Currently, the exchange's base metal warehouses in Asia are limited to Malaysia, Singapore, and South Korea.

SMM Morning Meeting Minutes: LME copper opened at $13,025/mt overnight, initially dipped to $12,975/mt, then fluctuated upward and touched a high of $13,228/mt near the close, finally settling at $13,185/mt, up 0.96%, with trading volume reaching 15,200 lots and open interest at 327,000 lots, an increase of 2,466 lots from the previous session, overall showing a pattern of bulls increasing positions. The most-traded SHFE copper contract 2603 opened at 101,740 yuan/mt overnight, touched a low of 101,280 yuan/mt at the beginning, then the center of copper prices gradually shifted upward and tested 102,500 yuan/mt, finally settling at 102,450 yuan/mt, up 0.93%, with trading volume reaching 41,800 lots and open interest at 165,000 lots, a decrease of 4,251 lots from the previous session, overall showing a pattern of bears reducing positions.

Data released by the London Metal Exchange (LME) showed that LME tin inventory continued its downward trend last week, with the latest inventory level at 2,155 mt, hitting a new two-year low. Data released by the Shanghai Futures Exchange (SHFE) indicated that during the week ending June 13, SHFE tin inventory pulled back, with weekly inventory decreasing by 3.59% to 7,107 mt, reaching a new four-month low. Note: Generally, a continuous decline in inventory at domestic and overseas exchanges will support futures prices, while the opposite will have a bearish impact on futures prices. Comparison of LME and SHFE tin inventory since 2023 The following are the tin inventory data for LME and SHFE since June 2025: (Unit: mt)