The Most-Traded SHFE Tin Contract Retreated After Rapid Rise During Night Session, Spot Market Largely Adopted a Wait-and-See Approach [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 9, 2026:

Futures: The most-traded SHFE tin contract retreated after a rapid rise during the night session, closing at 371,500 yuan/mt, down 0.02%.

Macro: (1) Data from the CPCA showed that from April 1-6, new energy passenger vehicle retail sales nationwide reached 86,000 units, down 24% YoY and up 3% MoM; new energy passenger vehicle wholesale volumes from producers nationwide reached 73,000 units during the same period, down 39% YoY and down 14% MoM. (2) US President Trump said in an interview with ABC News on Wednesday morning local time that, following the announcement of a two-week ceasefire on Tuesday, the US may seek to form a joint project with Iran to protect the security of the Strait of Hormuz. When asked whether he would allow Tehran to charge fees on shipping passing through the strategic waterway, Trump said: "We're looking at doing it as a joint venture. It's a way of protecting the strait — and it's a way of keeping a lot of other countries out." Trump added: "It's a very beautiful thing." Trump also said he would not allow Iran to retain any uranium enrichment capability, despite Tehran's repeated claims that it would not give up the freedom to do so. Trump said US troops in the region would not be withdrawn either, suggesting they would remain in place to enforce any future agreement. Trump expected peace negotiations to begin on Friday and to proceed swiftly.

Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order requirements.

Spot market: As futures prices gapped up, spot market trading activity cooled significantly. Faced with elevated prices, purchase willingness among downstream enterprises was notably suppressed, with the market largely adopting a wait-and-see approach. Only sporadic rigid-demand orders were concluded yesterday.

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