the most-traded SHFE tin contract fell to near 390,000/mt, market trading sentiment recovered [SMM Tin Midday Review]

Tin Midday Commentary, June 24, 2026

With expectations of tighter liquidity outside China, tin markets in and outside China declined in tandem. The most-traded SHFE tin contract opened at 399,000 yuan/mt and closed the morning at 391,180 yuan/mt, down 4.64%. On the LME, three-month tin is currently quoted at $50,850/mt, down 0.40%.

On the macro front:

(1) The representative of Iran to the UN Office at Geneva stated on the 23rd that the Strait of Hormuz is fully open to commercial vessels and no fees are charged. After 60 days, the situation will be determined by the outcome of Iran-US negotiations.

(2) US stocks plunged across the board at the close on June 23: the Nasdaq fell 2.22%, the Philadelphia Semiconductor Index tumbled 7.87%; Nvidia closed down 4.15%, while chip leaders such as Micron, ARM, Qualcomm, TSMC, and ASML generally dropped 6%–13%, as the tech sector took profits on earlier gains in a concentrated manner.

In the spot market, trading was relatively active this morning. With futures prices having declined continuously since yesterday, stage-based buying interest from downstream in the industry chain was activated. The market broadly exhibited a pace of "testing lows and following up in batches." As the futures price center slid to near the 390,000 mark this morning, the positive inquiry and trading atmosphere continued.

Overall, the decline in tin prices was primarily due to bulls closing out positions, coupled with a systemic pullback in risk assets triggered by hawkish remarks from the US Fed and a continued strengthening of the US dollar index. At the same time, the sharp correction in overseas chip and tech leading sectors weighed on semiconductor-related metals from a sentiment perspective. The most-traded SHFE tin contract is expected to fluctuate in the near term, with its price center likely edging down. In the later period, attention should be paid to how long the macro liquidity tightening will affect commodities, and the actual implementation of follow-up negotiations on Middle East geopolitics.