The Most-Traded SHFE Tin Contract Maintained Wild Swings, Spot Market Trading Remained Sluggish [SMM Tin Morning Brief]

SMM Tin Morning Brief, May 27, 2026:

Futures: The most-traded SHFE tin contract maintained wild swings during the night session and edged up slightly toward the close, settling at 424,910 yuan/mt, up 0.37%.

Macro: (1) USI (Universal Scientific Industrial) announced today that it achieved a major breakthrough in advanced power semiconductor packaging technology developed in the field of next-generation power solutions. USI successfully pre-embedded silicon carbide (SiC) dies into multi-layer ABF substrates and innovatively adopted single-side copper-exposed (SSC) module packaging technology, enabling industry-standard power packages to integrate ceramic insulating substrates and wireless bonding processes. This innovative design brought a significant technological breakthrough to internally insulated power discrete devices, with the package itself possessing electrical insulation capability while simultaneously demonstrating the advantages of low stray inductance and extremely low on-resistance. USI will participate in PCIM Europe 2026, to be held in Nuremberg, Germany, from June 9 to 11, 2026, and will showcase its latest chip-embedded packaging technology, advanced power modules, and system integration solutions. (2) On Tuesday, Micron Technology (MU.O) surpassed the $1 trillion market capitalization milestone for the first time, after a sharp rally that cemented its position as one of the standout winners of the AI boom among US memory chip makers. Micron's stock rose as much as 18% to a record high of $886.6. This came after UBS significantly raised its target price from $535 to $1,625, the highest among the 46 brokerages tracking the company, according to LSEG data. This milestone not only highlighted the central role of memory chips in AI infrastructure but also reflected a broader shift in AI investment: after initially flocking to GPU makers, investors began seeking companies that could benefit from tech giants' massive spending plans. South Korea's Samsung Electronics, the world's largest memory chip maker, had already surpassed the $1 trillion market capitalization mark, and SK Hynix was also approaching this level.

Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in May. (2) Demand side: Downstream purchasing remained cautious, with procurement conducted based on order conditions.

Spot market: As futures surged again yesterday and widened the range of swings, spot trading in China further stagnated. With absolute prices remaining elevated, purchase willingness in the market was extremely low, and the overall market exhibited a stalemate pattern with end-users staying on the sidelines.
 

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