SMM Summary: Tin Ore Supply Disruptions Continue, Spot Market Slowly Rebounds

【SMM Morning Meeting Summary: Disruptions in Tin Ore Supply Persist, Spot Market Transactions Gradually Recover】

Last week, the tin market overall exhibited strong futures performance and relatively weak spot activity, mainly influenced by supply-side disruptions and positive macroeconomic signals. The most-traded SHFE tin futures contract continued to rise after the holiday, with significant gains. As of February 7, the average price of SMM #1 tin ingot was 259,300 yuan/mt, up 300 yuan/mt from the previous week.

In terms of supply, armed conflicts in North Kivu Province of the DRC heightened concerns over disruptions in African tin ore supply, while the mining ban in Wa State, Myanmar, has yet to be lifted, further supporting expectations of rising tin prices. On the demand side, with the Chinese New Year holiday over, most downstream enterprises have gradually resumed operations. However, end-user buyers showed weak purchasing interest, resulting in subdued demand in the spot market...