Overview:Today, the tin market experienced a high-level profit-taking and position rotation session driven by "mixed signals from US-Iran negotiations → high geopolitical risk premium fluctuating + small gains in night session erased in daytime session" — LME tin closed at $54,380/mt yesterday, up 0.72%, and has held above $54K/mt since July; on the domestic market, the most-traded SHFE tin SN2609 contract closed at 418,930 yuan/mt in the night session, up 0.24%, today it opened at 421,510 yuan/mt, hit a session high of 421,520 and low of 411,380, and as of 10:02 the latest price was 413,000 yuan/mt, down 4,920, or 1.18% (SMM most-traded contract at 10:02), with trading volume of 131,659 lots and open interest of 46,869 lots (compared with 49,730 lots in the night session, a decline of about 2,861 lots). The market pattern featured "a high open and slight gain in the night session → long liquidation sending prices lower in the daytime session." The resistance at 420,000–422,000 yuan/mt (yesterday's rebound high and the lower edge of the previous sell-off zone) was again proven effective, and 413,000 yuan/mt was the new center after the daytime pullback.
Trader: Guangzhou CMST Yunxi warrants 09+1,500, Yunheng warrants 09+1,400
Trader: Shanghai State Reserve warehouse, Barton brand quoted at +600 against the 09 contract; Shenzhen South China warehouse, Kaiyuan brand at +800 against the 09 contract, Nanshan brand at +900; overall quotations lowered by another 100 yuan/mt, inquiries increased, with transactions remaining tentative.
Trader: Yunxi Sep. premium 2000, Yunzi Sep. premium 1500, minor brands Sep. premium 1000, there are some month-end rigid demand inquiries, but it feels like everyone is acting hesitantly.
Upstream: Today's quotation is 413,000 yuan/mt, shipments at a slight premium, active quoting, some orders placed by clients.
Trader: Today's pre-sale quotations: in Shanghai and Guangdong, Yunxiang, Yunxiang, Yunfan at SHFE 09 contract + 1,200 yuan/mt, spot cargoes sold out, selling some futures.
Trader: Today's quotation: SHFE 09 contract + 0, client inquiries increased today, a small number of orders placed and executed in the morning.
Trader: Today's quotations: small brands at SHFE 09 contract + 800 yuan/mt, Yun brands at SHFE 09 contract + 1,300 yuan/mt, quotes unchanged, trading strengthened somewhat, some clients have rigid demand orders.
Upstream: Today's quotation: 415,000 yuan/mt, shipments at a premium, spot inventory relatively high, but client inquiries relatively flat.
Trader: Today's quotations: Jinhai at SHFE 09 contract + 1,300 yuan/mt, Yunxiang at + 1,300, Yunxi at + 1,600, Yunheng at + 1,800. Contract rollover occurred, clients placed some orders in early trading.
Upstream: Today's quotation: 415,000 yuan/mt, shipments at a premium.