US Dollar Index Breaks Above the 100 Mark, the Most-Traded SHFE Tin Contract Falls [SMM Tin Midday Review]

Tin Midday Review on June 23, 2026

On the price front, the most-traded SHFE tin contract opened at 424,030 yuan/mt and closed the morning session at 404,600 yuan/mt, down 3.21%. LME three-month tin was temporarily trading at $52,445/mt, down 1.48%.

On the macro front:

(1) Ministry of Finance: In January-May, national general public budget revenue reached 10,046.5 billion yuan, up 4% YoY; securities transaction stamp tax was 126.2 billion yuan, up 88.8% YoY.

(2) UK Prime Minister Starmer announced his resignation, saying he would give unreserved support to his successor. The new leader will take office in September.

On the spot front, as the most-traded contract price pulled back to around 405,000 yuan/mt, some downstream and end-user manufacturing enterprises entered the market to make small purchase orders. Spot premiums for mainstream brands in the market rose slightly as prices fell, while overall willingness to sell among holders was moderate.

Overall, the US Fed's hawkish signals boosted rate hike expectations, the US dollar index broke through the 100 mark, and the nonferrous metals sector faced systemic pressure. US-Iran negotiations remain volatile, and while expectations for the opening of the Strait of Hormuz persist, uncertainty is high. It is expected that in the short term, before macro sentiment fully stabilizes, the most-traded SHFE tin contract will remain largely in the doldrums.