[SMM Tin Morning Brief: During the 2026 Chinese New Year Holiday, SHFE Tin Market Was Closed While LME Tin Prices Fluctuated at Highs]

[SMM Morning Meeting Minutes: SHFE Tin Market Post-Holiday Outlook Supply-Demand Imbalance and Price Gameplay Amid Fluctuations at Highs]

[SMM Commentary on SHFE Tin Futures: On the Eve of the US Fed's June Interest Rate Meeting, the Most-Traded SHFE Tin Contract Continues to Fluctuate] In the spot market, the resumption of tin ore production in Myanmar has been slow. Although some miners have applied to resume production, strict approval processes, coupled with transportation restrictions during the rainy season, have kept actual imports at a low level. Meanwhile, Thailand's policy of banning Myanmar from using its territory to transport tin ore has exacerbated the tight supply, with an estimated impact of 500-1,000 mt (metal content) on domestic monthly supply.

[SMM Tin Midday Review: The tin market exhibits a pattern of "strong supply support but weak demand reality," with both SHFE tin and LME tin lacking the momentum for a unilateral breakthrough.] At midday today, the most-traded SHFE tin contract (SN2507) maintained a doldrums pattern, opening at 263,340 yuan/mt, slightly pulling back from the settlement price of the previous trading day. The intraday fluctuation range narrowed to 262,000-264,000 yuan/mt. Trading in the spot market was sluggish, with downstream procurement mainly driven by immediate needs and a strong wait-and-see sentiment. Regarding LME tin, overnight LME tin closed at $32,500/mt, up 0.78%, with technical pressure near the MA60 daily average, intensifying the tug-of-war between longs and shorts in the short term.

[SMM Commentary on Tin Futures: Supply Faces Off Against Off-Season Demand, SHFE and LME Tin Prices Under Narrow Pressure] Today, the most-traded SHFE tin contract continued its pattern of being in the doldrums, opening at 264,400 yuan/mt, hitting a high of 265,560 yuan/mt, touching a low of 263,020 yuan/mt, and finally closing at 263,730 yuan/mt, down 0.3% from the previous trading day, with a turnover of 17.375 billion yuan. Market trading activity declined slightly, with the price fluctuation range narrowing to 263,000-265,000 yuan/mt, and the tug-of-war between longs and shorts intensified.

[SMM Tin Midday Review: A Tug-of-War Between Supply-Demand Imbalance (Disruptions in Myanmar and Africa) and Off-Season Demand; SHFE Tin Prices May Remain High and Rangebound in the Afternoon] As of midday today, the most-traded SHFE tin contract (SN2507) was quoted at 265,840 yuan/mt, up slightly by 0.81% from the previous trading day, continuing to fluctuate rangebound. Slow Resumption of Production in Myanmar's Wa Region: Despite the initiation of production resumptions at the end of April, strict logistics inspections at the China-Myanmar border and extended processing times for mining licenses have delayed the actual increase in tin ore output until July. Starting from June 4, the Thai government has banned the transit of tin ore through Myanmar, which is expected to affect domestic imports by approximately 500-1,000 mt (metal content) in June, exacerbating the tight raw material supply for smelting.

[SMM Monthly Outlook: Weak Fundamentals in Both Supply and Demand, Tin Prices to Experience Short-Term Volatility, "Waiting for the Wind" - Macro Factors May Be the Key to Breaking the Deadlock!] As Alphamin announced the phased resumption of production at the Bisie mine and the successful convening of the Myanmar tin mine production resumption meeting, market expectations for a tight future tin ore supply have improved. However, concerns over uncertainties in global economic growth and demand prospects triggered by tariffs have also suppressed tin prices. Coupled with a significant decline in market risk appetite, tin prices, which hit a new high in early April, have since experienced a notable correction. Ultimately, LME tin prices fell by 14.46% in April, while SHFE tin prices dropped by 9.03% in the same month. Following the sharp decline in April, since entering May, except for notable fluctuations in LME tin prices during the first two trading days of the month, both LME tin and SHFE tin have predominantly fluctuated rangebound. As of around 15:37 on May 13, LME tin prices fell by 0.09%, closing at $32,545/mt, with a temporary monthly increase of 3.83% in May; SHFE tin prices rose by 0.37%, closing at 262,070 yuan/mt, with a temporary monthly increase of 0.1% in May.

On Tuesday, the most-traded SHFE tin contract rolled over to the SN2506 contract, fluctuating rangebound during the day and jumping initially and then pulling back at night. LME tin prices rose first and then fell. Spot market: It was heard that small-brand tin was trading at a premium of 200-600 yuan/mt over the May contract, Yunnan-branded tin was trading at a premium of 600-900 yuan/mt over the May contract, and Yunnan Tin Group's tin was trading at a premium of 900-1,200 yuan/mt over the May contract. Overall, with the resumption of production at Bisie Mine in the DRC and the accelerated pace of production resumptions in Myanmar's Wa region, the tight supply situation for tin ore is expected to ease after Q2. However, short-term supply support remains. Downstream stockpiling ahead of the holiday is nearing its end, with cautious stockpiling at high prices. Domestic inventory remains at a high level compared to the same period last year. There are no new imbalances in the fundamentals, and it is expected that tin prices will hover around 260,000 yuan in the short term, facing significant pressure from the moving averages above. (Source: Jinyuan Futures)

SMM Tin Midday Review: SHFE Tin Prices Maintain High-Level Consolidation, Spot Market Transactions Dominated by Small Orders for Immediate Needs. As of midday on April 25, 2025, the most-traded SHFE tin 2505 contract closed at 262,830 yuan/mt, up 1.14% from the previous day's settlement price. After the morning session opened, prices remained high due to expectations of easing Sino-US tariffs. Intraday trading volume reached approximately 60,200 lots, with open interest decreasing by 4,542 lots compared to the previous day.

SMM Tin Futures Review: Tariff Deadlock Eases, Spot Market Transactions Cool Down. The most-traded SHFE tin 2505 contract fluctuated considerably today. After opening, it briefly surged to 262,400 yuan/mt, then pulled back. In the afternoon, some shorts took profits, leading to a slight rebound. It finally closed at 259,520 yuan/mt, up 0.36% from the previous day's settlement price. LME tin prices also fluctuated, currently at $31,750/mt.