Tin Prices Swung Wildly amid Unclear Macro Guidance, Downstream Mainly Waited and Watched with Dip-Buying [SMM Tin Midday Review]

Tin Midday Review, Apr 7, 2026

This morning, the most-traded SHFE tin SN2605 contract experienced wild swings after the open, closing at 363,100 yuan/mt, down 0.59%. LME side, as overseas markets were closed for a holiday last Friday, SHFE and LME lacked two-way guidance in the short term. LME three-month tin fluctuated accordingly, temporarily quoted at $46,010/mt, down 0.95%.

The current macro market focus centered on the April 7 geopolitical negotiation deadline. News-wise, the divergence between the US and Iran remained evident. On one hand, the US maintained a hardline stance and continued to exert pressure. At a press conference on April 6, Trump warned that if an agreement was not reached on schedule, the US might launch large-scale military strikes against infrastructure in Iran, including bridges and power facilities. Meanwhile, the US expressed unilateral optimistic expectations about reaching a deal. On the other hand, substantive negotiation progress was slow. As US military actions continued during the negotiation period, Iran lacked trust in the US's willingness to honor commitments. Moreover, there was a structural contradiction between the two sides regarding the sequencing of core demands — the US demanded the resumption of strait navigation first, while Iran demanded a halt to strikes and compensation first. No clear signs of concessions have been observed so far. As the deadline approached, the risk of a failed agreement and continued conflict drove macro funds toward overall caution.

The spot market performed rather mediocrely today. After the holiday, facing wild swings in futures, the market generally maintained a wait-and-see sentiment. Only a small volume of rigid-demand inquiries were transacted this morning, with most end-users still focused on digesting pre-holiday inventory and maintaining stable production.

Overall, today's tin price movement was mainly influenced by the uncertainty of overseas geopolitical developments. In the short term, the fundamental logic of the tin market took a back seat, with futures primarily focused on the outcome of US-Iran negotiations and subsequent actual military and diplomatic actions.