Overview:The tin market went through a high-level pullback today, driven by “rising expectations for a September US Fed rate hike (CME probability rose to around 55%) + the repeated ‘not officially reached’ status of the US-Iran Hormuz deal → a stronger US dollar and pressure on risk assets.” In overnight trading, domestic base metals generally rose, but only SHFE tin closed lower, while LME tin led the decline among nonferrous metals. LME tin: the 3M electronic contract yesterday (Aug 6) was quoted at $56,185/mt as of 08:02 on August 7, down $815 or -1.43%, with a high of $57,015 and a low of $55,835. On the domestic market, the most-traded SHFE tin SN2609 contract closed at 430,980 yesterday, opened at 433,000 today, reached an intraday high of 433,280 and a low of 429,030, and as of 09:01 the latest price was 431,310 yuan/mt, down 4,040 or -0.93% (SMM main contract/SN2609 in sync). Volume was 99,236 lots and open interest was 58,517 lots. The night session close as of 01:00 was 431,080 yuan/mt, down 4,270 or -0.98%. The price action featured “a night session opening high at 433,000, followed by longs cutting positions and pushing prices lower; in the early daytime session, prices changed hands around 431,000.” The 430,000 round-number level was lost and retested, while 429,000 (today’s low was 429,030) became the new battleground between bulls and bears for the day.