SMM Tin Morning Brief for June 15, 2026:
Futures: The most-traded SHFE tin contract climbed continuously during the night session, with the price center rising to around 410,000 yuan/mt and closing at 415,220 yuan/mt, up 2.19%.
Macro: (1) On June 11, Meige Intelligence stated during an institutional survey that the company currently has a relatively large inventory value, a significant portion of which is stockpiling of memory chips. Early in the memory chip price increase, based on R&D projects, order situations, and forecasts for the memory chip market, the company made substantial strategic stockpiles to ensure smooth delivery of customer orders, which has a positive impact on future product margins. We are reasonably and orderly passing on the rising cost of memory chips to downstream customers, having adjusted prices for products such as automotive offerings and 5G products for overseas carriers. (2) SpaceX (SPCX.O) surged on its Nasdaq debut on Friday, with its market cap surpassing $2 trillion. The trading debut was smoother than many observers had expected. The stock began trading late Friday morning and was up 15% to 30% for most of the session from its Thursday pricing, with relatively small fluctuations. It closed at around $161, up 19%, making the company the sixth-largest in the US. The final settlement price is yet to be determined. The trading volume exceeded 500 million shares, with a turnover of about $80 billion. With large IPOs from Anthropic and OpenAI in the pipeline, market observers had worried that a flood of new shares after a prolonged dearth of IPOs could weigh on market performance. However, from large institutions to Musk's retail investor fans, sentiment was high among all types of investors at Friday's close. "SpaceX not only broke records for IPO fundraising size but also left other big companies far behind. When the starting valuation is already close to $2 trillion, adding so much market cap in a flash is impressive," said Dan Coatsworth, head of markets at AJ Bell.
Fundamentals: (1) Supply side: In June, most smelters are focusing on stable production. (2) Demand side: Downstream purchasing is relatively cautious, with procurement based on orders.
Spot market: As Shanghai tin prices plunged over 5% from highs to the 400,000 yuan/mt range last week, breaking through the psychological defense of downstream users, previously frozen just-in-time procurement and delayed orders were released in a concentrated manner, creating a pulse-like wave of restocking.
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![SHFE tin swung wildly between 394,000 and 411,000 yuan/mt throughout the week. Amid the supply-demand stalemate, it is expected to continue consolidating at highs [SMM Tin Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/SkvFp20251217171752.jpg)
