The most-traded SHFE tin contract pulled back after a slight rise in the night session, while downstream buyers in the spot market were wary of high prices and stayed on the sidelines [SMM Tin Morning Brief].

SMM Tin Morning Update, July 8, 2026:

The most-traded SHFE tin 2608 contract rose slightly in the night session before pulling back, closing at 411,440 yuan/mt, up 0.51%. Open interest increased by 2,248 lots to 43,300 lots.

Macro:

(1) ADATA Technology warned that DRAM and NAND flash memory prices will be raised again in Q3 2026, sending memory and storage product selling prices higher. ADATA Chairman Chen Libai said that major memory manufacturers have already notified that DRAM contract prices will continue to rise by 20% to 30% in Q3 2026, while NAND flash memory prices will increase by 35% to 40%. Prices of both types of memory chips will continue to rise, which is expected to boost the company's business performance.
(2) Rockchip announced that it expects to achieve operating revenue of 2.87 billion to 2.91 billion yuan in the first half of 2026, up 40.28% to 42.24% YoY; net profit attributable to the parent company's owners of 850 million to 910 million yuan, up 60.03% to 71.33% YoY; and net profit after deducting non-recurring gains and losses of 830 million to 890 million yuan, up 60.93% to 72.56% YoY. In the same period last year, operating revenue was 2.046 billion yuan, net profit attributable to the parent company was 531 million yuan, and adjusted net profit was 516 million yuan. The performance growth was mainly driven by the AIoT platform layout and customer ecosystem advantages, with high-speed growth of AIoT computing platforms such as the RK3588, RK3576, and RV11 series, and the mass production of audio products for automotive brand clients.
(3) According to Counterpoint Research's China Smartphone Weekly Sales Tracker, China smartphone sales fell 13% YoY during the four-week period covering the 618 shopping festival, mainly due to rising phone prices caused by higher memory costs, while the higher costs also led to significantly weaker sales promotions during this year's 618 compared to previous years. Except for Huawei, all other major brands saw YoY sales declines.

Fundamentals: (1) Supply side: The tight supply pattern of tin ore has not been resolved, but marginal improvement signals have increased. In July, most smelters will focus on maintaining stable production. (2) Demand side: The traditional off-season effect deepened, with rigid demand providing support coexisting with high price suppression. Downstream procurement remained cautious, buying according to orders.

Spot market: The tin ingot spot market overall showed "prices consolidating at high levels, thin trading, and rigid demand supporting the market"—futures retreated after a rapid rise but the night session strengthened again; on the spot side, downstream users held back due to high prices, suppliers held prices firm, and actual transactions were driven by scattered rigid demand.

[Data source statement: Except for publicly available information, all other data are based on public information, market communication, and SMM's internal database models, processed by SMM, for reference only and do not constitute decision-making advice. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice; clients should make prudent decisions and should not use this as a substitute for independent judgment; any decisions made by clients have nothing to do with Shanghai Metals Market.]