SHFE Tin Pulled Back Under Pressure in Early Trading After Rebounding, Spot Transactions Weakened [SMM Tin Midday Commentary]

On March 24, 2026, the most-traded SHFE tin contract strengthened in the night session, then softened and moved lower after the morning open, closing at 342,430 yuan/mt, with gains narrowing to 1.3%. Overseas, LME three-month tin also weakened in tandem, last quoted at $43,500/mt, down 2.25%.

After SHFE tin fell below the 330,000 mark yesterday, the futures rebounded somewhat, but resistance remained evident, and prices fluctuated after softening in early trading. From the macro perspective, the reversal in expectations for US Fed interest rate cuts and the continued strength of the US dollar kept weighing on the non-ferrous metals sector. In the short term, market sentiment remained cautious, and the rebound lacked sustained support.

In the spot market, when prices initially softened, some downstream enterprises took the opportunity to release restocking demand. As futures moved lower, most enterprises followed up on dips, and transactions were active for a time. But as prices rebounded, the market shifted to digest inventories, wait-and-see sentiment again became dominant, and transactions weakened. At present, suppliers' willingness to sell was relatively steady, and offers remained at a relatively high level.

In the short term, tin prices entered a consolidation phase after the consecutive decline, with support below from inventory drawdowns and pressure above from macro sentiment, and are expected to maintain a sideways movement pattern within a range. Going forward, close attention should be paid to changes in macro sentiment, downstream procurement pace, and inventory digestion.