SHFE Tin Rebounded Above 385,000 in Early Trading, Spot Market Trading Sluggish Awaiting Post-Holiday Guidance [SMM Tin Midday Review]

Tin Midday Review, April 29, 2026

The most-traded SHFE tin contract was in the doldrums during the night session but strengthened in this morning's session, closing at 385,870 yuan/mt, up 0.44%. LME side, LME three-month tin was quoted at $49,220/mt, up 0.97%.

Macro side: (1) The US Fed kept the benchmark interest rate unchanged at 3.5%-3.75%, in line with market expectations, marking the third consecutive hold this year. Fed Chairman Powell stated that tariff-driven inflation is expected to pull back over the next two quarters; (2) US President Trump said on April 29 that the US and Iran were negotiating by phone, while emphasizing that Iran must clearly commit to completely abandoning nuclear weapons. He would continue the maritime blockade on Iran until Iran agrees to a deal that addresses US concerns over Iran's nuclear program.

Spot market side, when futures first dipped near the 380,000 yuan level on Tuesday, market trading showed signs of recovery, with some downstream enterprises releasing part of their pre-holiday stockpiling demand and end-user rigid demand orders increasing slightly. However, since yesterday, as prices rebounded, the spot market cooled rapidly. Today, as the last trading day before the Labour Day holiday, downstream enterprises' pre-holiday procurement had largely concluded. Morning trading showed mediocre performance overall, with market participants mostly adopting a wait-and-see stance, awaiting futures developments after the holiday.

Overall, as the holiday approached, market trading slowed. Post-holiday futures are expected to reassess the latest geopolitical developments, with short-term oscillation as the main trend.