The Most-Traded SHFE Tin Contract's High-Level Center Edged Down, Spot Market Dominated by Sporadic Rigid Demand [SMM Tin Midday Review]

Tin Midday Review, Jun 3, 2026

This morning, tin futures prices in and outside China fluctuated at highs with the price center edging down in a narrow range after surging during the night session.The most-traded SHFE tin contract, opened at 448,800 yuan/mt during last night's session and once surged to 451,860 yuan/mt. After the opening of today's morning session, the price center edged down, closing the morning at 449,000 yuan/mt, up 1.83% from the previous trading day. LME side, LME three-month tin was temporarily quoted at $57,960/mt, down 0.55%.

On the macro front:

(1) Conflict reignited in the Gulf region: the US military struck Iran's Qeshm Island and fired at oil tankers, with air defense alarms sounding in Kuwait and Bahrain.

(2) The General Office of the Shanghai Municipal People's Government issued the "Several Opinions on Deepening the Development of Shanghai as a Global Asset Management Center." The opinions stated that by 2030, Shanghai's asset management scale is targeted to reach 55 trillion yuan, accounting for one-third of the national total; efforts will be made to accelerate the launch of LNG futures and options, and prepare for the R&D of electricity futures and computing power futures; the institutional opening-up of the gold market will be steadily expanded, with support for Shanghai-Hong Kong gold market cooperation.

Spot side, as futures prices surged above 450,000 yuan/mt again, the pace of spot trades in China slowed down. Mainstream brand quotations were lowered by 800-1,200 yuan/mt, but the actual stimulating effect was limited, with only sporadic rigid demand.

Overall, the most-traded SHFE tin contract is expected to continue moving sideways at highs, with core prices hovering around 430,000-440,000 yuan/mt. Close attention should be paid to changes in market sentiment and the actual evolution of the Gulf situation and its potential disruption to supply chains.