Liquidity expectations continue to weigh on metal prices, the center of SHFE tin contract continues to decline [SMM Tin Midday Review]

June 9, 2026 Tin Midday Review

This morning, futures in and outside China were continuously impacted by macro headwinds, with the center gradually declining. The most-traded SHFE tin contract opened at 404,730 yuan/mt and closed the morning at 397,270 yuan/mt, down 1.86%. On the LME, the three-month tin contract was temporarily quoted at $51,720/mt, down 0.72%.

On the macro front:

(1) Data showed that, with combined upward revisions of 93,000 for March and April non-farm payrolls, US non-farm payrolls added 172,000 new jobs in May, far exceeding the market expectation of 88,000, making the gain over the past three months the highest in more than two years. Meanwhile, the unemployment rate held steady at 4.3%. Better-than-expected employment data will alleviate potential stagflation risks, giving the US Fed more room to address currently rising inflation pressures, and rate hike expectations will rise accordingly.

(2) Trump urged Iran and Israel to halt mutual attacks, stating that peace negotiations are underway. Iran subsequently announced a temporary halt to strikes against Israel, warning Israel not to attack Lebanon; Israeli Prime Minister Netanyahu also ordered the military to halt preparations for a new round of attacks on Iran, and a senior Israeli official revealed that if its homeland is attacked, it would strike the southern suburbs of Beirut.

This morning, the actual trading pace in the spot market slowed down from yesterday, with the market showing a state of steady transition after the sharp decline. Since absolute prices had long remained in a high range, the restocking demand of downstream enterprises had been significantly suppressed. This pent-up purchase demand was partially released when futures prices quickly fell to the 400,000 yuan/mt mark yesterday. As futures prices further declined this morning, purchasing activities in the spot market moderated. Today, most transactions were spot orders and small-scale replenishments at lower prices.

Overall, SHFE tin prices saw a third consecutive trading day of center decline this morning, mainly pressured by tightening liquidity sentiment outside China. The most-traded SHFE tin contract is expected to maintain its range-bound movement going forward. If spot market transactions can continue to maintain a good performance, it will provide some support to the futures center. Going forward, close attention should be paid to overseas data and liquidity expectations, as well as the sustainability of spot demand in China.